Mumbai: 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). Though HoABL refused to comment on the size and value of the deal citing client confidentiality, real estate industry sources said the plot where Bachchan intends to build a home measured around 10,000 square feet and was valued at ₹14.5 crore.
Set to be formally launched on January 22, the day prime minster Narendra Modi inaugurates the Shri Ram Janmabhoomi Temple in Ayodhya, The Sarayu is spread over 51 acres. Speaking about his investment in the project, Bachchan said, “I am looking forward to embark on this journey with The House of Abhinandan Lodha for The Sarayu in Ayodhya, a city that holds a special place in my heart. The timeless spirituality and cultural richness of Ayodhya have forged an emotional connection that transcends geographical boundaries. This is a start of a heartfelt journey into the soul of Ayodhya, where tradition and modernity seamlessly co-exist, creating an emotional tapestry that resonates with me deeply. I am looking forward to building my home in the global spiritual capital.”
The actor’s birthplace Allahabad (now Prayagraj) is a four-hour drive from Ayodhya through National Highway 330.
Calling it a “milestone moment” for his company, Abhinandan Lodha, chairman, HoABL said they were thrilled to welcome Bachchan as the “first citizen” of The Sarayu, which is located about 15 mins away from the ram temple, and 30 mins away from the Ayodhya international airport. “His investment in our Ayodhya project reflects confidence in the city’s economic potential and deep appreciation for its spiritual heritage,” he said, adding that Bachchan’s association would turn the project into “a symbol of Ayodhya’s global spiritual significance”.
Bachchan’s investment is in the plotted development of the enclave, which will also have a five-star palace hotel in partnership with the Brookfield group-owned Leela Palaces, Hotels and Resorts. The project is scheduled to be completed by March 2028.
Ayodhya has been witnessing massive infrastructure development since 2019, when the Supreme Court awarded the title of the site that housed the Babri Masjid to the Hindus, with a corresponding spike in land prices within the city and on its outskirts towards Lucknow and Gorakhpur.
In an assessment in October 2023, Anuj Puri, chairman, Anarock Group, said property prices in the city shot up by nearly 25-30% immediately after the verdict. “Average land prices on the outskirts of Ayodhya have shot up to anywhere between ₹1,500 per sqft to ₹3,000 per sqft, whereas prices within city limits have spiked to ₹4,000 per sqft to ₹6,000 per sqft. Thus, there has been a significant jump in average prices between 2019 and 2023,” he said.
Launched in 2021, HoABL is credited with transforming the land buying experience by bringing in transparency, while use of technology has made it possible to buy land anywhere in the world. “Our last project had customers from 19 countries,” said Lodha, who is the younger son of Maharashtra tourism minister Mangal Prabhat Lodha. HoABL also has plans for four other luxury hotels in Benares, Vrindavan, Shimla and Amritsar with total investment of ₹2,000 crore.