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The ancient Vedic mathematics is well known for quicker handy multiplications but its recognition as an integrated circuit core against existing hardware multipliers is not established. As optimized hardware implementation of binary multiplier is one of the prominent unsolved problems in computer architecture, this paper proposes efficient Urdhava Tiryakbhyam Vedic multiplier architecture and compares it with the set of hierarchical multiplication algorithms which generate multiplication result in a single clock cycle. Two innovative algorithms are proposed here, one with a compact structure and another for faster execution. Also, its optimized transistor level layout is designed and implemented. To maintain homogeneity for comparison, all the algorithms are programmed on a common HDL language platform and analyzed with the same tool and technology. Final results indicate that the proposed architecture delivers 15.5% less power delay product (PDP) compared to closest competitor algorithm. [ABSTRACT FROM AUTHOR]