Ayodhya land prices soar as circle rates hiked up to 200 per cent
Synopsis
Ayodhya's circle rates have surged by 30% to 200% after eight years, especially near the Ram Janmabhoomi Temple, where rates soared over 150%. The revised rates, effective Monday, aim to curb unaccounted transactions and benefit landowners through enhanced property valuations. These changes reflect increased demand and infrastructure development in the region.
By PTI
Last Updated:
Ayodhya (UP): After eight years, the circle rates of Ayodhya have been revised upward, with an increase ranging from 30 per cent to 200 per cent, depending on location and land use, officials said here on Monday.
Shanti Bhushan Chaubey, sub-registrar of Sadar (Faizabad) tehsil, said the revised rates were implemented following a proposal submitted in September 2024.
"After addressing objections, the new circle rates were approved by District Magistrate Tikaram Funde and have now been enforced," he said.
According to Chaubey, the areas witnessing the most active land transactions have seen the steepest hikes.
"Localities like Rakaabganj, Devkali and Avadh Vihar residential schemes are now the most expensive in the district," he added.
The circle rates around the temple, a prime location due to religious tourism and infrastructure development, have been revised to Rs 26,600-27,900 per square metre - a sharp rise from the earlier rates of Rs 6,650-6,975.
Chaubey explained that the hike has been applied differentially across various categories of land - residential, commercial and agricultural - in accordance with location-specific demand and usage.
Commenting on the development, Saurabh Vikram Singh, director of a builders' firm in Ayodhya, said, "An increase in the circle rate also means an increase in stamp duty. However, this benefits landowners by enhancing the official value of land, thereby aiding in better loan appraisals and property valuations."
Vivek Agrawal, a real estate developer, said that the move could help curb unaccounted transactions.
"The problem of 'number one and number two' - referring to white and black money in real estate deals - can be addressed with realistic circle rates. This promotes transparency," he said.
Circle rate is the minimum value at which a property can be registered in a particular area.
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The new rates, which came into effect on Monday, have particularly impacted areas within a 10-kilometre radius of the Ram Janmabhoomi Temple, where rates have jumped by over 150 per cent.Shanti Bhushan Chaubey, sub-registrar of Sadar (Faizabad) tehsil, said the revised rates were implemented following a proposal submitted in September 2024.
"After addressing objections, the new circle rates were approved by District Magistrate Tikaram Funde and have now been enforced," he said.
According to Chaubey, the areas witnessing the most active land transactions have seen the steepest hikes.
"Localities like Rakaabganj, Devkali and Avadh Vihar residential schemes are now the most expensive in the district," he added.
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The circle rates around the temple, a prime location due to religious tourism and infrastructure development, have been revised to Rs 26,600-27,900 per square metre - a sharp rise from the earlier rates of Rs 6,650-6,975.
Chaubey explained that the hike has been applied differentially across various categories of land - residential, commercial and agricultural - in accordance with location-specific demand and usage.
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Commenting on the development, Saurabh Vikram Singh, director of a builders' firm in Ayodhya, said, "An increase in the circle rate also means an increase in stamp duty. However, this benefits landowners by enhancing the official value of land, thereby aiding in better loan appraisals and property valuations."
Vivek Agrawal, a real estate developer, said that the move could help curb unaccounted transactions.
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"The problem of 'number one and number two' - referring to white and black money in real estate deals - can be addressed with realistic circle rates. This promotes transparency," he said.
Circle rate is the minimum value at which a property can be registered in a particular area.ADVERTISEMENT
It serves as the baseline for calculating stamp duty and is also considered for determining compensation in land acquisition cases.(You can now subscribe to our Economic Times WhatsApp channel)
