Circle rates of key Ayodhya locations likely to see 200% rise, – Homevior

AYODHYA | LUCKNOW: The circle rate of key locations in the temple town of Ayodhya could see a 200% rise, said officials.

Taking note of the property rates that have gone through the roof following massive construction activity in and around the city leading to the Ram temple consecration ceremony this January, the district collector has proposed to increase the circle rate as per the prevailing market dynamics.

The rates here were revised last in 2017. The final rate list that would offer clarity to the interested buyers on the quantum of the hike would be available publicly on Wednesday or Thursday.

Ahead of the inauguration of the temple, the local administration in 2022 had proposed to revise the rates upwards, but the matter was shelved later. “For the past year, we have been noticing that in a lot of cases, the per square metre rates of properties mentioned by buyers while executing the sale deed have been on the higher side compared to the collector rates. To provide more revenue to the state coffers, increasing the circle rate to the same proportion is important,” said a senior administrative officer.

While the proposed rates must be finalised and publicised before Aug 31, the local residents and stakeholders would be given at least 10 days to submit their objections and suggestions on the subject, after which a final call would be taken.

Determined by the state govt, the circle or collector rates are used as a benchmark to determine the value of a property. Even if the value mentioned on the sale deed is on the lower side, the sub-registrar concerned from the stamp and registration department calculates the stamp duty as per the prevailing circle rates.

Ayodhya divisional commissioner Gaurav Dayal said, “The final call over the matter would be taken only once suggestions are considered and objections disposed of. The proposed rate list reflects the market sentiments.”