Ayodhya Real Estate Boom: Prices Surge 15-Fold as HoABL Builds Legacy

Real estate prices in Ayodhya have risen 15 times in three years, driven by The House of Abhinandan Lodha's significant land acquisitions. The company plans further expansions in Varanasi and Vrindavan, investing over Rs 3,000 crores across several cities. HoABL focuses on sustainable development and timely project deliveries.

Real estate prices in Ayodhya have skyrocketed, increasing 15-fold in the last three years, according to Abhinandan Lodha, Chairman of The House of Abhinandan Lodha (HoABL). In an exclusive interview with ANI, Lodha detailed the company's land purchasing strategy, beginning in 2021.

Lodha explained that they initially acquired land from farmers at prices ranging from Rs 25 to 50 lakh per acre. The current average price per acre has escalated to Rs 5 crores. Since January, HoABL has sold 1,400 plots, with the last parcel priced at Rs 15,000 per square yard. The company owns 51 acres in Ayodhya, with notable investors like film star Amitabh Bachchan purchasing in their project.

Following success in Ayodhya, HoABL announced plans to introduce projects in Varanasi and Vrindavan. The firm has completed notable land acquisitions of over 352 acres across cities like Amritsar, Vrindavan, Varanasi, Shimla, Nagpur, and Khopoli near Mumbai, amounting to Rs 3,000 crores. These will launch in January 2025, offering new-generation branded land set to generate close to a billion dollars in revenue.

To meet North India's demand, HoABL has opened a new office in DLF Cyber City, Gurgaon, to streamline operations and advance its national expansion plans. The office will coordinate recent acquisitions, project deliveries, and land offerings. Since its establishment under four years ago, the company has delivered over 150 acres of land, with 700 acres currently under development.

HoABL's investment in Uttar Pradesh is transformative, with Rs 1,200 crore dedicated to Ayodhya alone. Over the past two years, the company has procured 75 acres from 1,400 farmers, benefiting the local community substantially.

One highlighted project is The Sarayu, a 75-acre luxury development that includes India's first all-vegetarian five-star hotel, managed by The Leela. Additionally, HoABL is on track to deliver 180 acres, or nearly 5 million square feet, of projects in Anjarle and Neral, Maharashtra, by December 2024. More large-scale deliveries across Maharashtra, Ayodhya, and Goa are anticipated within the next 10-12 months, ahead of schedule.

The company claims that its effective project management and market foresight bolster its reputation for prompt deliveries. HoABL emphasizes sustainable development, demonstrated by its Bicholim project, where 6,000 trees have been planted, along with the preservation of over 30 native species and tree plantations in Ayodhya.

(With inputs from agencies.)