Omkareshwar (Madhya Pradesh): With the work on the 108-foot-tall Adi Shankaracharya statue at Omkareshwar nearing completion, land prices here in the holy town on the bank of the holy Narmada River are skyrocketing these days. The statue, made of bronze, will serve as a symbol of reverence to the philosopher-theologian Adi Shankaracharya and is set to become one of the tallest statues in India.
The statue is expected to be unveiled by none other than Prime Minister Narendra Modi, just ahead of the state assembly elections in September, and all the preparations for the same are going on a war footing.
Many who are involved in reality business here in the holy town claimed that after the announcement of a project here in the holy town known for one of the 12 Jyotirlingas, land prices here witnessed a massive boom, as within the last five years, land prices increased by 14 to 15 times from Rs 35 lakh per acre (land situated on Omkareshwar main road) in 2018 to Rs 5 to 7 crore per acre in 2023.
Some of the realtors claimed that the land price here witnessed a major blow during COVID-19 in 2020 and 2021 as it dropped by 30 per cent to Rs 25 lakh per acre, but it again gained momentum once the COVID-19 restriction was withdrawn and the situation normalised.
Adding icing on the cake, the announcement of a project that also includes an Ekatma Dham adds a major boost to the land prices here. Notably, the project will cost the Madhya Pradesh government more than Rs 2,000 crore, out of which the statue is worth Rs 200 crore.
Realtors here claimed that the majority of investors are from Indore, Bhopal, Mumbai, Pune, Bangaluru, and other metros, as they are looking to build hotels here, especially ahead of the 2028 Simhastha fair in Ujjain, as good numbers of pilgrims also visit Omkareshwar.
Not only Simhastha Fair or Adi Shankaracharya Statute but good road and rail connectivity will boost pilgrim footfall here, enabling investors to yield a good return in no time.
Land grabbing, and encroachment are all-time high
Not only investment in land but land grabbing and encroachment on government property are at an all-time high here thanks to soaring land prices. Many claimed that antisocial people here are now busy with land grabbing.
This illegal encroachment on government lands not only hinders the administration's ability to provide necessary facilities to pilgrims but also poses a threat to the natural beauty and sanctity of Omkareshwar. The government must enforce strict regulations and remove these unauthorised constructions, ensuring that the land is preserved for the benefit of pilgrims and future generations.
Year-wise land rate on Omkareshwar main road (per acre)
Year Price
2018 Rs 35 lakh
2019 Rs 40 lakh
2020 Rs 25 lakh (COVID-19 time)
2021 Rs 25 lakh (COVID-19 time)
2022 Rs 2 crore
2023 Rs 5 to 7 crore
