The District Collector in Ayodhya, the temple town, has proposed a significant 200% increase in the circle rates for key locations. The circle rates, set by the state government, serve as a benchmark to determine property values for stamp duty calculations. The current rates were last revised in 2017, but the administration has observed that actual market rates have been much higher. To generate more revenue for the state, the proposed new circle rate list will soon be made public, allowing residents and stakeholders to provide feedback before a final decision is taken.
The District Collector in Ayodhya, the temple town, has proposed a significant increase in the circle rates for key locations. Officials stated that the circle rates could see a 200% rise.
The circle rates, set by the state government, serve as a benchmark to determine the value of a property for stamp duty calculations. The current circle rates were last revised in 2017.
Ahead of the inauguration of the Ram temple in January 2022, the local administration had proposed revising the rates upwards, but the matter was shelved at the time.
However, over the past year, the administration has observed that the per-square-meter rates mentioned in sale deeds have been significantly higher than the prevailing collector rates. To generate more revenue for the state, increasing the circle rates to match the market dynamics is deemed important.
The proposed new circle rate list, which will offer clarity to interested buyers on the extent of the hike, is to be made publicly available soon. The local residents and stakeholders will be given at least 10 days to submit their objections and suggestions on the subject. A final decision on the revised circle rates will be taken after considering the feedback.
The divisional commissioner of Ayodhya, Gaurav Dayal, stated that the proposed rate list reflects the current market sentiments in the region, which has seen significant construction activity and property value appreciation leading up to the Ram temple consecration ceremony.
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