Ayodhya Ram Mandir pran pratishtha: 'Uttar Pradesh's GDP to witness bolstering growth,' says Niranjan Hiranandani

Source: Business Today

Niranjan Hiranandani, Founder and MD of Hiranandani Group, on Wednesday said in a LinkedIn post that with the inauguration of the Ram Temple on January 22, Ayodhya has the potential to attract more tourists. This, in Hiranandani's words, will lead to an increase in the demand for residential and commercial properties. 

The Ram Mandir in Ayodhya was consecrated on Monday in Ayodhya amid much grandeur, with Prime Minister Narendra Modi leading the rituals. He was also among the industrialists and industry leaders present in Ayodhya during the Ram Temple pran pratishtha or consecration ceremony.

"Ayodhya's historical significance and tourist potential make it an attractive investment. The operational Ram temple will attract more visitors, increasing the demand for residential and commercial properties," Hiranandani said in a LinkedIn post. 

He also said that entrepreneurs and businesses have ample opportunities to meet the growing demand for goods and services. The Hiranandani Group founder and MD also noted that Uttar Pradesh's GDP will report bolstering growth, given Ayodhya's cultural and emotional significance combined with the economic investment.

"Ayodhya's entrepreneurs and businesses now have ample opportunities to meet the growing demand for goods and services As a result of the cultural and emotional significance, combined with the economic stimulus, Uttar Pradesh's GDP will witness bolstering growth," Hiranandani further said in his post. 

While Hiranandani is optimistic about the economic potential of Ayodhya, Gulam Zia, Senior Executive Director at Knight Frank India, expounded on the investment opportunities in an interview with Business Today TV. 

Gulam Zia, Senior Executive Director at Knight Frank India, said: "Religious tourism as a concept is something which will see a sea change. This is one of the top destinations that is emerging globally and obviously that will give lots of opportunities to investors of all kinds-- commoners like you and I, to the big funds and sovereign authorities, etc. So, there are opportunities everywhere."

He added that Rs 70,000 crore have been allocated for the redevelopment of Ayodhya and that tourism industry will grow apart from retail shops and gold souks. According to Zia, guest houses should be looking at a rental return between 6 per cent to 9 per cent. "I'm told that in the next month or so, we are expecting about three million tourists arriving in the city and these numbers are mindboggling," he noted.

However, he also flagged some cons of investing in the city at present, given reports of land values going up drastically in Ayodhya. "There are once again a lot of these estimates because most of these estimates are not supported by solid numbers or solid registration documents to assess it but then I'm told about 8-10 times increase has already happened in the values of land in and around Ayodhya," the Senior Executive Director at Knight Frank India said on reprots that land values have gone up massively in Ayodhya. 

He also added that he is not bullish about commercial/office estate growing in the area, due to which Zia suggested that investors should wait and watch until Ayodhya's masterplan is formed and the 1,200-acre Greenfield township worth Rs 2,180 crore as promised by the Uttar Pradesh government comes into place.