Initial Ayodhya buzz has moderated but still optimistic on sales, says House of Abhinandan Lodha

HoABL has around 100 units left to sell at its Ayodhya plotted development project

Despite concerns that Ayodhya's real estate boom may have cooled, property developer House of Abhinandan Lodha's CEO Samujjwal Ghosh is confident of selling the company's inventory in the temple town, counting on word-of-mouth marketing to propel sales.

The construction of the Ram Mandir triggered a development boom, with investors buying plotted developments, hotels, villas, and other properties in the temple town, while airlines added flights to the new airport to tap demand from tourists.

However, reports have indicated that despite steady flow of tourists to the temple town, some airlines have cut the number of flights due to lower-than-expected demand, and the appetite for real estate investment may have also reduced in the city and its surroundings. House of Abhinandan Lodha was the first major real estate player to announce a plotted development project in the city and has also tied up with the Leela Palace group of hotels to set up a hotel as part of its Sarayu plotted development in Ayodhya, which spans around 75 acres with 800 plots.

"We are invested in the faith of Ayodhya...  The extent of development in roads, railways, hospitality is encouraging. We don't pitch Ayodhya in terms of sales, but we get a lot of inbound enquiries for the project there. Yes, there has been an ebb in the initial excitement, but we are connected with the ground. If you look at our plans, spiritual and cultural destinations are a strong theme," Ghosh said during the interaction.

He added that at the Ayodhya plotted development, around 100 units are left for sale, prices for which start at Rs 1.79 crore. The minimum plot size at the project is around 1,250 square feet.

In 2025, Ghosh added, the company is planning to launch three projects part of its expansion theme of spiritual and cultural destinations, in Varanasi, Vrindavan and Amritsar, while it also plans a launch in Khopoli, on the outskirts of Mumbai. HoABL had previously launched a plotted development in Alibaug, the coastal resort near Mumbai.

As for other destinations, Ghosh said that it remains interested in markets such as Bengaluru, Andhra Pradesh and Telangana. While the company has two projects in Goa, including the large 130-acre development in Bicholim, Ghosh said that the state, despite its potential as a tourist destination, may hit a ceiling in terms of being a major market due to the paucity of non-agricultural land available for real estate development.