Ayodhya, a town steeped in history and culture, has been witnessing a surge in land prices following the consecration ceremony of the Ram Temple earlier this year. The rapid increase in land prices has prompted officials in the Sadar tehsil of Ayodhya district to announce a significant hike in circle rates after a gap of seven years.
The consecration ceremony of the Ram Temple in Ayodhya has sparked a flurry of activity in the real estate market, with investors, real estate companies, and big hotel chains showing keen interest in acquiring land in the temple town. As a result, the demand for land in Ayodhya has been on the rise, leading to a sharp increase in property prices.
According to Ayodhya Divisional Commissioner Gaurav Dayal, the circle rate of land in the Sadar tehsil of Ayodhya district will be raised by up to 200 per cent starting next month. The decision to increase the circle rate comes in response to the escalating property rates in the region, driven by extensive construction activities in and around the city following the Ram temple consecration ceremony earlier this year.
The district administration has already published a notice regarding the increase in circle rates, with the final rates set to be issued in the first week of next month. The process of revising the valuation list has been completed, with the SDM, Tehsildar, and Deputy Registrar conducting a survey to determine the revised circle rate for 2024.
The last revision of circle rates in Ayodhya was done in 2017, underscoring the need for an update to reflect the current market dynamics. The proposed increase in circle rates aims to align the valuation of properties with the prevailing market rates, ensuring transparency and fairness for all stakeholders involved in land transactions in Ayodhya.
The new circle rates are expected to offer clarity to interested buyers regarding the extent of the hike, with the final rate list set to be made publicly available next month. The surge in property prices in key areas near the Ram Mandir and along the highway has been significant, with land being sold at prices ranging from 41 per cent to 1,235 per cent higher than the existing circle rates over the past three years.
Additional Inspector General Stamp of Ayodhya, Yogendra Singh, highlighted the substantial increase in property rates in major areas, indicating that the circle rate of land is likely to witness a significant spike compared to previous levels. The move to raise circle rates has drawn criticism from opposition leaders, with Samajwadi Party President Akhilesh Yadav alleging that the increase is aimed at benefiting individuals associated with the ruling BJP.
Yadav raised concerns about the disparity in land valuation, pointing out that those who purchased land at lower rates are now selling it at inflated prices, while compensation recipients have not seen a corresponding increase in circle rates. The political implications of the circle rate hike in Ayodhya have added a layer of complexity to the issue, with stakeholders closely monitoring the developments in the real estate market.
As Ayodhya grapples with the repercussions of the Ram Temple consecration ceremony and the ensuing surge in land prices, the decision to raise circle rates reflects the need to align property valuations with the current market conditions. The upcoming release of the new circle rates will provide clarity to buyers and sellers alike, enabling informed decision-making in the dynamic real estate landscape of Ayodhya.