As the inauguration of the Ram Temple nears, businesses have found a new destination for their investments—Ayodhya in eastern Uttar Pradesh. The town on the banks of the Sarayu River is buzzing with industry, as both private enterprises and government congregate there ahead of the inauguration on January 22. From real estate developers and hotel owners to airlines, the country’s leading corporate houses are heading to the temple town, which wasn’t on their radar till a few years ago.

No industry is more emblematic of the frenetic pace of activity there than hospitality. Here, for instance, Indian Hotels Company Ltd (IHCL)—which owns popular brands like Taj Hotels and Vivanta—is coming up with two properties. According to Suma Venkatesh, Executive Vice President–Real Estate & Development at IHCL, the company took the leap of faith because Ayodhya, the revered birthplace of Lord Ram, is expected to attract significant footfall from pilgrims throughout the year. “IHCL has underscored its commitment by signing management contracts for two new properties in Ayodhya—a 100-room Vivanta hotel and a 120-room Ginger hotel, both expected to be operational in 36 months,” she tells BT.

Diversified conglomerate ITC Ltd—a leading player in the luxury- and mid-segment hotels business—is in discussions with developers to offer branding and management solutions for their assets under development. “It is encouraging to see rapid growth in overall infrastructure as a catalyst for the expected tourism surge. Any market with such large-scale expected movement of travellers, would need quality accommodation across segments,” says Anil Chadha, Divisional Chief Executive at ITC Hotels.