House of Abhinandan Lodha plans to launch a 25-acre project in Ayodhya by January 2024
Abhinandan Lodha Project Ayodhya: The project is located about 15 minutes from the upcoming Ram Temple and about 20 minutes from the upcoming international airport in Ayodhya.
House of Abhinandan Lodha (HOABL), a real estate developer largely involved in planned development, plans to launch a 25-acre residential development project in the Ayodhya district of Uttar Pradesh (UP) in January 2024. The project is located around… HOABL, told Moneycontrol, it is 15 minutes away from the upcoming Ram temple, and will require an investment of around Rs 300 crore.
What is development planning?
Planned development is when a developer sells or leases plots of land to homeowners to build a property. The plots of land are usually of equal size, with no land between them, although they are divided by a network of roads or boundary walls.
According to the company, the gated project will be mainly for residential use, while a certain portion will be designated for retail and other purposes.
“We have committed an investment of Rs 1,200 crore in Ayodhya. In the first phase which we will launch in January or February 2024, we will invest around Rs 300-400 crore. We plan to complete this by the end of FY 2026-27,” Ghosh said.
Price and location
The company says it will sell around 200 to 220 units, and prices will start at Rs 1.50 crore for a 1,250 sq ft plot. “Rs 1.50 crore excluding taxes is the starting price, but the size of the plots will also depend on the demand. We are ready to sell, say, 10,000 square feet of land if there is demand for it. We are aiming for seven stars,” Ghosh added. “Hotel facilities in the project, including gym, etc.”
“The location of our project is very strategic as it is just about 12-15 minutes away from the upcoming Ram Temple in Ayodhya. The next international airport is about 20 minutes away. Lucknow International Airport is only about 2.5-3 hours away from it. Ayodhya has a lot of potential,” Ghosh said. “It is expected to become a spiritual capital with a large influx of tourists.”
The government plans to open the Ram Temple in January 2024, for which Prime Minister Narendra Modi laid the foundation stone about two years ago.
Read also: Why do real estate developers launch their planned projects?
Non-resident Indian investment
The company expects demand for the project not only from India but from non-resident Indians globally. “We see potential not only from several pockets in India, but also from NRIs in countries like the US, UK, Africa, Middle East etc. Currently, we have customers in 11 countries and we will grow this further.
Pan India plans
“Today, if we are active, we have projects in seven to eight locations, next year we want to be in 12 to 15 locations, and in another three to four years, we aim to be active in 40 to 45 locations,” Ghosh said. .
The company has projects in places like Goa, Alibaug, Mumbai Metropolitan Region, etc. and plans to expand further in West, North and South India.
In January 2023, the company had announced an investment of over Rs 11,000 crore to buy and develop 3,000-3,500 acres of land across the country over the next four years, and has identified 55 sites for the same.
Also Read: House of Abhinandan Lodha plans to invest Rs 1,800 crore in over 600 acres across the state
Moreover, in February, on the occasion of the Uttar Pradesh Global Investors Summit 2023, HOABL said it aims to invest Rs 1,800 crore in over 600 acres of land plots in the state to develop integrated residential townships.
The company has started land acquisition in Ayodhya and plans to enter the Varanasi, Gorakhpur, Mathura and Vrindavan markets, the company informed Moneycontrol in February 2023.
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(Tags for translation)Abhinandan Lodha Project Ayodhya