1-OAK buys land at Rs 350 cr residential, commercial project in Ayodhya

26 Jul 2021 CW Team

Real estate developer 1-OAK has purchased a seven-acre land in Ayodhya and is likely to acquire another three-acre plot for a mixed-use development at an expenditure of Rs 350 crore.

The total cost of the project would be Rs 350, from which Rs 20 million would be funded by the firm, and the balance would be maintained during the project accruals.

The realty firm promoted by Greenfield Advisory Pte Limited, a Singapore-based company, which produces residential and hospitality projects, decided to concentrate on tier 2 cities in India. It has acquired land in Jaipur, Thiruvananthapuram, and Lucknow.

The Uttar Pradesh government has recognised 1,100 acre of land near Ayodhya for planned residential, retail, and commercial development.

Private builders also have started purchasing land for upcoming projects and are expecting an increase in demand.

Due to the ground-breaking ceremony of the Ram temple, the number of deals and land prices have increased 50% in Ayodhya.

For retail development, the firm has planned a high-street concept, while residential societies would be mid-rise.

The firm's focus in India is mainly on changing the living reality in 2-3 tier cities, where growing disposable incomes and comfortable living has opened up the luxury housing sector.

Property rates in the city jumped 25-30% in 2019 shortly after the court decision for the construction of the Ram temple.

According to the estimates of the Ram Temple Trust, once ready in 2022, it is likely to witness 80,000 to 100,000 visitors daily.

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Also read: My Home plans $2 bn investment in commercial project in Hyderabad

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