Following the consecration ceremony of the Ram Temple in Ayodhya earlier this year, land prices in the temple town have seen a rapid rise.
After seven years, the circular rate of land in Sadar tehsil of Ayodhya district will be increased by up to 200 per cent from next month, officials said here on Friday.
Following the consecration ceremony of the Ram Temple in Ayodhya earlier this year, land prices in the temple town have seen a rapid rise.
Investors, real estate companies and big hotel chains are buying up land in Ayodhya.
Ayodhya Divisional Commissioner Gaurav Dayal said, “The notification for the increase in circle rate has been issued and the exact circle rate will be issued in the first week of next month.”
According to a notice posted at the District Revenue Office here, the district administration will publish the new rate circular from September 4, the processing of which has already been completed.
On the directions of District Magistrate, Ayodhya CV Singh, the process of revision of valuation list in the district has been completed under Rule 4 of the Uttar Pradesh (Valuation of Property) Act, 1997, the notice said.
SDM, Tehsildar and Deputy Registrar have jointly conducted the survey and the revised circle rate for 2024 has been prepared, he added.
Taking note of the skyrocketing property rates following massive construction activity in and around the city leading up to the Ram temple consecration ceremony in January, the district collector proposed to increase the circle rate as per the prevailing market dynamics, he said.
The rates here were last reviewed in 2017.
The final list of rates that would offer clarity to interested buyers on the amount of the increase would be publicly available on Wednesday next month, according to officials.
“The land near Ram Mandir area and on the roadside has been purchased at a price ranging from 41 per cent to 1,235 per cent more than the circle rate in the last three years,” said Ayodhya Additional Inspector General Stamp Yogendra Singh.
“In such a situation, the price of land in prime areas is estimated to increase 200 times more than before,” Singh added.
Meanwhile, Samajwadi Party president Akhilesh Yadav, who was on a visit to Kannauj on Friday, claimed that the increase in circle rate in Ayodhya was done to benefit the people of the ruling BJP.
“Those who bought land at a low price are now selling it at a higher price, whereas when people here were getting compensation, the interest rate did not increase,” Yadav said.
(Only the headline and image of this report may have been reworked by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First published: August 30, 2024 | 11:23 PM IS
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