Jan 22, 2024 10:34 AM IST
House of Abhinandan Lodha invests close to ₹1200 crore for a 51-acre land parcel in Ayodhya; NRIs from UK, US and South East Asia evince interest
Mumbai headquartered real estate developer, The House of Abhinandan Lodha (HOABL), is launching around 250 plots today to coincide with the Ram Mandir consecration ceremony in Ayodhya. It has invested close to ₹1200 crore majorly for a 51-acre land parcel in Ayodhya and Phase 1 of its luxury project is currently underway.
Besides domestic demand from Mumbai, Delhi-NCR, Lucknow, Kanpur, and Meerut for the project in Ayodhya, the company has received inquiries from non-resident Indians (NRIs) based in UK, US and South East Asia, Samujjwal Ghosh, Chief Executive Officer (CEO), HOABL told Hindustan Times Digital.
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The company plans to invest close to ₹3000 crore in Uttar Pradesh over the next three to four years.
Its plotted development project in Ayodhya is located around 12 to 15 minutes away from the upcoming Ram Temple. Bollywood star Amitabh Bachchan has purchased a plot in The Sarayu, a 7-star mixed-use enclave in Ayodhya by Mumbai-based developer The House of Abhinandan Lodha (HoABL). Real estate industry sources have said that the plot where Bachchan intends to build a home measured around 10,000 square feet and was valued at ₹14.5 crore.
“Ayodhya has the potential to become a globally renowned smart city and the spiritual capital of the world. Our investment in Ayodhya marks the inception of a lasting relationship with Uttar Pradesh, and we are committed to furthering our presence in culturally and spiritually rich areas. Of our ₹1200 crore investment, Phase 1 of our luxury project is also underway. We have bought a 51-acre land parcel in Ayodhya largely for residential purposes,” he said.
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Domestic as well as international demand
The company is a fully digital company, providing a seamless platform for customers to directly purchase land through its app. Approximately 24% of the total interest in the Ayodhya project originates from NRIs in the Middle East and the US. As many as 22% buyers who have expressed interest are from the regions of Lucknow, Kanpur, and Meerut. Additionally, 35% of the interest emanates from Delhi NCR, while the remaining percentage is distributed among various locations such as Mumbai and similar areas, said Ghosh.
“This diverse interest showcases the widespread appeal and global reach of our Ayodhya project. Our strategic focus is on nationally significant infrastructure growth corridors, starting with Ayodhya in Uttar Pradesh and expanding to Vrindavan, Varanasi, and more, and this aligns with our vision to democratize land in culturally and spiritually rich areas,” he added.
Project offerings in Ayodhya
The House of Abhinandan Lodha’s (HOABL) project offerings include plotted developments, catering to those who seek the flexibility of designing their own spaces. Additionally, it has super luxury villas and residential towers that offer a blend of modern amenities and community living.
The company’s portfolio includes serviced apartments, catering to those who value convenience and a hassle-free lifestyle. The company has also collaborated with The Leela Palaces for the first-of-its-kind pure vegetarian 5-star hotel, adding a touch of luxury and sophistication to Ayodhya’s real estate, said Ghosh.
The company’s expansion plans include ventures in Rishikesh, Amritsar, Shrinathji, Varanasi, Mathura, and Vrindavan. “This expansion strategy reflects our dedication and commitment to the development and growth of these regions, aligning with HoABL’s vision to democratize land,” adds Ghosh.
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- ABOUT THE AUTHOR
Vandana Ramnani is editor, real estate, HT Digital. She has reported extensively on residential and commercial real estate. She can be reached at firstname.lastname@example.org