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House of Abhinandan Lodha (HOABL), a leading real estate developer specializing in plotted development, has unveiled ambitious plans for a 25-acre residential plotted development project in Uttar Pradesh's Ayodhya district, set to launch in January 2024. This endeavour, located just a 15-minute drive away from the upcoming Ram Temple, involves a substantial investment of approximately Rs 300 crore, according to Samujjwal Ghosh, CEO of HOABL.
The gated plotted development project primarily caters to residential purposes while allocating a portion for retail and other amenities. HOABL has committed a total investment of Rs 1,200 crore in Ayodhya, with the initial phase earmarking Rs 300-400 crore. The company aims to complete this phase by the close of the fiscal year 2026-27. HOABL plans to offer 200 to 220 units, with prices starting at Rs 1.50 crore for a 1,250 sq ft plot.
The project aims to provide luxurious amenities, including a seven-star hotel, clubhouses, gyms, and more. Its strategic location is a key highlight, being just a short 12 to 15-minute drive from the upcoming Ram Temple in Ayodhya and around 20 minutes from the forthcoming international airport. The Lucknow international airport is also easily accessible within 2.5-3 hours, adding to the project's appeal.
With Ayodhya poised for transformation into a spiritual capital and a surge in tourism expected, the region holds significant potential as a prime real estate destination. The government plans to inaugurate the Ram temple in January 2024, an event that has garnered significant attention and anticipation.
HOABL anticipates demand for the project not only from various parts of India but also from Non-Resident Indians (NRIs) worldwide, as the company already has customers in 11 countries. Their expansion plans include a presence in 12-15 locations by the following year and further expansion to 40-45 locations within the next three to four years. Currently operating in approximately seven to eight locations, HOABL already has projects in places like Goa, Alibag, the Mumbai Metropolitan Region, and UP, with plans to expand in west, north, and south India.
In January 2023, HOABL made headlines by announcing a massive investment of over Rs 11,000 crore to acquire and develop 3,000-3,500 acres of land across the country over the next four years, with 55 identified locations for this undertaking. In February, during the Uttar Pradesh Global Investors Summit 2023, HOABL declared its intentions to invest Rs 1,800 crore in over 600 acres of land parcels in the state, primarily for the development of integrated housing townships. The company is actively pursuing land acquisition in Ayodhya and is planning to venture into markets in Varanasi, Gorakhpur, Mathura, and Vrindavan, further solidifying its position as a major player in the Indian real estate sector.
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