The soaring real estate values in Ayodhya, officials have proposed a staggering 200% increase in circle rates for key locations within the temple town. This adjustment is largely driven by the recent surge in property values following substantial construction activities and the upcoming Ram temple consecration ceremony.
The district collector’s proposal marks a critical shift since the last circle rate revision in 2017. The revised rates are anticipated to be publicly disclosed by the end of this week, either on Wednesday or Thursday, providing clarity to prospective buyers about the extent of the increase. The proposal for rate adjustments had initially surfaced in 2022, ahead of the temple’s inauguration, but was later postponed. However, recent observations have highlighted a significant disparity between the market value of properties and the collector rates. “Over the past year, we’ve observed that property sale deeds often list values substantially higher than the collector rates. To align with current market conditions and boost state revenue, it is crucial to revise the circle rates accordingly,” explained a senior administrative officer.
Once the proposed rates are finalised, local residents and stakeholders will have a minimum of 10 days to raise objections or suggestions before the rates are formally adopted. The circle rates, determined by the state government, serve as a benchmark for property valuation and are pivotal in calculating stamp duty. Regardless of the sale deed’s stated value, the stamp duty is assessed based on the prevailing circle rates.
The Divisional Commissioner of Ayodhya, emphasised that the final decision on the rate adjustment will only be made after considering public feedback and resolving any objections. “The proposed rate list is designed to reflect current market sentiments and ensure accurate revenue collection,” he added. This proposed hike underscores the rapid transformation of Ayodhya’s real estate landscape, driven by significant infrastructural developments and heightened interest in the area.
