Updated January 22nd, 2024 at 10:47 IST
Amitabh Bachchan invests in Ayodhya; here's what property prices in the temple city look like
Land prices in Ayodhya have surged three to fourfold, with variations depending on the proximity to the Ram Mandir, say local developers.
Amitabh's Ayodhya investment: Bollywood star Amitabh Bachchan has recently acquired a plot in The Sarayu, a 7-star mixed-use enclave in Ayodhya, ahead of the 'Pran Pratistha' ceremony for the Ram Mandir. The veteran actor, originally from Allahabad (now Prayagraj), has invested Rs 14.5 crore in a plot from House of Abhinandan Lodha (HoABL), according to media reports.
Sources familiar with the transaction between HoABL and Amitabh Bachchan have informed the media that the plot spans approximately 10,000 square feet.
Local developers report a substantial surge in land prices, reaching three to four times their previous values. The extent of this increase varies based on the proximity to the Ram Mandir.
"Currently, the growth of commercial real estate in Ayodhya is experiencing its peak. Prior to the decision regarding the Ayodhya temple around 2019, prices, for instance, which initially stood at Rs 2000 per sqft, have now surged to Rs 8000 per sqft," explained Raghvendra Shukla, Founder of Ayodhya Industrial Developers.
"Property prices are currently on the rise and are expected to continue increasing. We are receiving calls from across India from individuals looking for land for business purposes. There is a growing trend of businesses, especially in the hotel industry, attempting to establish themselves here. Major brands and outlets are also making their way to the region," Shukla added.
How are Ayodhya property prices performing?
Commercial commanding attention:
In the temple city of Ayodhya, prime commercial plots and lands are commanding attention, showcasing diverse offerings.
A commercial plot in Deokali, Ayodhya, spanning 18,000 sq ft, is currently listed at Rs 18 crore, translating to Rs 10,000 per sq ft. Similarly, in Naveen Mandi Sthal, Ayodhya, a commercial plot covering 35,500 sq ft is available for Rs 32 crore, at a rate of Rs 9,014 per sq ft.
The area of Civil Lines in Ayodhya features an offering in the form of a hotel or resort for sale. This property, spanning an expansive 100,000 sq ft, comes with a price tag of Rs 130 crore, equating to Rs 16,250 per sq ft in the built-up area.
Ayodhya Railway Station is also a focal point for real estate transactions, with a commercial plot of 15,652 sq ft listed at Rs 7.04 crore, priced at Rs 4,499 per sq ft.
The residential property market in Ayodhya showcases a range of options with varying price points, according to data available on 99 acres.
In Ayodhya's prominent locality, The SARAYU, a residential plot spanning 1,998 sq ft is listed at Rs 3.17 crore, translating to Rs 15,866 per sq ft. Similarly, in another part of Ayodhya, a 1,746 sq ft plot is priced at Rs 2.77 crore, at a rate of Rs 15,865 per sq ft.
In Sahadatganj, Ayodhya, a residential plot covering 2,150 sq ft is listed at Rs 39.77 lakh, priced at Rs 1,849 per sq ft. Meanwhile, in the Raj Ghat area, Ayodhya, a substantial 10,000 sq ft plot is available for Rs 6 crore, equating to Rs 6,000 per sq ft.
Published January 15th, 2024 at 15:45 IST