Amitabh Bachchan buys land for his home in Ayodhya.

Amitabh Bachchan has assumed the role of the inaugural citizen of Sarayu, an Ayodhya development by The House of Abhinandan Lodha (HoABL), where he recently purchased a plot. The chairman of HoABL expressed immense excitement, deeming it a historic milestone for the company. Despite HoABL withholding details on the transaction’s size or value, insiders in the real estate industry suggest that the plot spans 10,000 square feet.

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Expressing his enthusiasm, Bachchan shared, “I am excited to embark on this journey with the House of Abhinandan Lodha for the Sarayu in Ayodhya. The city holds a special place in my heart, with its enduring spirituality and cultural diversity fostering an emotional connection that transcends distances. This marks the initiation of a heartfelt journey into the core of Ayodhya, Amitabh Bachchan where modernity and tradition seamlessly coexist, creating a rich emotional tapestry that resonates with me deeply. Building a home in the world’s spiritual capital is an endeavor I eagerly anticipate.”

The city of Allahabad (now Prayagraj), Bachchan’s birthplace, is just four hours away from Ayodhya via National Highway 330. HoABL Chairman Abhinandan Lodha characterized Bachchan’s decision as a historic moment for the company and emphasized his joy in welcoming Bachchan as Sarayu’s inaugural citizen. Sarayu is conveniently located, approximately 15 minutes from the Ram Temple and 30 minutes from the Ayodhya International Airport.

Bachchan’s investment extends to the planned development of Sarayu, featuring a seven-star mixed-use enclave with a five-star palace hotel in collaboration with Leela Palace Hotels and Resorts, owned by the Brookfield Group. The project aims for completion by March 2028. Since the Supreme Court granted ownership of the Babri Majid site to Hindus in 2019, Ayodhya has witnessed substantial infrastructure development, coinciding with a notable surge in land prices both within the city and its outskirts towards Lucknow and Gorakhpur.

As of October 2023, a valuation by Anuj Puri, Chairman of Anarock Group, indicated a substantial 25%-30% increase in the city’s real estate prices post the court’s decision. Land prices on the outskirts rose from Rs 1500 per square foot to Rs 3000 per square foot,Amitabh Bachchan  while within the city limits, prices escalated from Rs 4000 per square foot to Rs 6000 per square foot during the period from 2019 to 2023.

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Established in 2021, HoABL is renowned for introducing transparency into the land purchase process and facilitating global land transactions through technology. Abhinandan Lodha, the younger son of Maharashtra’s tourism minister, Mangal Prabhat Lodha, shared, “Our last project garnered interest from customers in 10 countries, amounting to a total expenditure of Rs 2000 crore.”