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‘New Ayodhya’: UP plans India’s first vastu-based Rs 1,000 acre township in temple town; details here
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‘New Ayodhya‘ township: The Uttar Pradesh government has revealed its plan to develop a 1,000-acre township in Ayodhya, blending contemporary and traditional architectural elements. Nitin Gokarn, the state’s additional chief secretary for housing and urban development, shared this information.
This new township, named ‘New Ayodhya‘, will be India’s first vastu-based township, Gokarn told ET.The state government has already secured the required land for this project. As the inauguration of the Ayodhya Ram Mandir is scheduled for January 22, developers are showing interest in acquiring land in the region for commercial and residential purposes.
Gokarn stated that the New Ayodhya City will be a river-centric city with a focus on sustainability, aiming to become one of the best cities in the country. The government recently auctioned a plot for a hotel, with a reserve price of Rs 88,000 per square meter. The successful bid for this plot was Rs 108,000 per square meter. Gokarn mentioned that there is a high demand for clean properties, and the government is committed to assisting developers in acquiring such land. Registrations for the state guest house have been initiated, and following this, the commercial development plots will be auctioned, he said.Since the groundbreaking ceremony for the grand Ram Mandir took place in August 2020, land prices and property-related transactions in Ayodhya have increased by 50%. This has attracted developers from all over the country, as Ayodhya is expected to draw a large number of tourists. Amit Agarwal, founder and MD of 2A Company, a real estate firm, mentioned that government land is considered a safer option for developers, and a planned township will attract significant investment.
Local investors are currently driving the sales in Ayodhya due to uncertainty surrounding land acquisition rules. The region has seen an increase in the average number of deals per day, from 15-20 before the ground-breaking ceremony to 25-30 now.
This new township, named ‘New Ayodhya‘, will be India’s first vastu-based township, Gokarn told ET.The state government has already secured the required land for this project. As the inauguration of the Ayodhya Ram Mandir is scheduled for January 22, developers are showing interest in acquiring land in the region for commercial and residential purposes.
Gokarn stated that the New Ayodhya City will be a river-centric city with a focus on sustainability, aiming to become one of the best cities in the country. The government recently auctioned a plot for a hotel, with a reserve price of Rs 88,000 per square meter. The successful bid for this plot was Rs 108,000 per square meter. Gokarn mentioned that there is a high demand for clean properties, and the government is committed to assisting developers in acquiring such land. Registrations for the state guest house have been initiated, and following this, the commercial development plots will be auctioned, he said.Since the groundbreaking ceremony for the grand Ram Mandir took place in August 2020, land prices and property-related transactions in Ayodhya have increased by 50%. This has attracted developers from all over the country, as Ayodhya is expected to draw a large number of tourists. Amit Agarwal, founder and MD of 2A Company, a real estate firm, mentioned that government land is considered a safer option for developers, and a planned township will attract significant investment.
Local investors are currently driving the sales in Ayodhya due to uncertainty surrounding land acquisition rules. The region has seen an increase in the average number of deals per day, from 15-20 before the ground-breaking ceremony to 25-30 now.
Once the Ram Mandir is completed, estimates from the Ram Temple Trust suggest that it could attract 80,000-100,000 visitors daily. Property prices in Ayodhya had already surged by 25-30% in 2019 when the Supreme Court awarded the disputed religious site to the Hindus.
The administration has assured investors of facilitation under the current policies of subsidies and incentives.
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