Approved Realty Projects in Ayodhya: A Safe Bet for Investors
The Ayodhya development authority has published a list of approved real estate projects to protect investors from fraudulent schemes.
Ayodhya Development AuthorityReal Estate ProjectsApproved LayoutsInvestorsFraudulent SchemesReal EstateJul 20, 2024
The authority has made a list of 10 approved real estate projects public, catering to the demand of buyers. These projects range from 2,400 to 78,000 square meters. The authority has advised potential buyers to invest only in the approved real estate layouts to avoid any issues. The authority originally regulated about 134 square kilometers, comprising 343 revenue villages, but plans to expand its jurisdiction to 873 square kilometers in the years to come.
Real estate aggregators have been aggressively promoting plotting schemes, taking advantage of the positive sentiments and speculations. However, many of these schemes do not have the required approval and sanction from the competent authority. This has led to an increase in fraudulent deals, particularly in areas close to the Saryu river and its tributaries. The local administration and authority had cautioned investors in May last year after a prominent trust was duped of Rs 10 crore by a fraudulent real estate broker.
The local authority has been regulating private plotting schemes and their promoters. The details of the approved schemes have been posted prominently on the authority's webpage. The authority had floated its own 17 residential schemes in the past, besides 10 commercial schemes. However, it closed down two schemes meant for the affordable and economically backward section recently. There are no plans to launch a new scheme within the next three months, as the acquisition of land is underway for some schemes, which will take some time.
Investors can breathe a sigh of relief with the publication of the approved projects list, which will help them make informed decisions and avoid fraudulent schemes. The Ayodhya development authority's move is a step in the right direction, ensuring that investors' interests are protected and promoting transparency in the real estate sector.
Frequently Asked Questions
What is the purpose of the Ayodhya development authority's list of approved projects?
The list aims to safeguard real estate investors from unscrupulous land sharks and fraudulent schemes.
How many approved real estate projects are currently available in Ayodhya?
There are 10 approved real estate projects, ranging from 2,400 to 78,000 square meters.
What is the jurisdiction of the Ayodhya development authority?
The authority currently regulates about 134 square kilometers, comprising 343 revenue villages, but plans to expand its jurisdiction to 873 square kilometers in the years to come.
Why is it essential to invest only in approved real estate layouts?
Investing in approved layouts protects investors from fraudulent schemes and ensures that they own land with a clear title.
What is the local administration's role in regulating real estate activities in Ayodhya?
The local administration and authority have been regulating private plotting schemes and their promoters, cautioning investors against fraudulent deals.
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