Ayodhya's land value soars: Circle rates hiked by 200%, highest near Ram Mandir
The circle rate of land in Ayodhya, where a Ram Temple was inaugurated in January 2024, has increased up to 200 per cent, depending on the use of land and location. The increase in rates has taken place first time after nearly eight years, the
While the increase in rates was effective from 7 June, Saturday – a holiday but the registration of land accroding to new rates will begin from today, 9 June – when the offices open for normal work in the temple town.
'We have approved the proposal for a hike in circle rate after considering the objections we had received on our proposal circulated in August last year,' District Magistrate, Ayodhya, Nikhil Funde was quoted as saying by the The Indian Express.
Circle rate is the minimum price set by the government for property transactions in a particular area. These prices are used to determine stamp duty and registration fees, ensuring property transactions are not undervalued and that tax evasion is prevented. While the increase in rates was effective from Saturday – a holiday but the registration of land accroding to new rates will begin from today, 9 June – when the offices open for normal work in the temple town.
The circle rates are determined by local administration and vary based on factors like location, property type, and infrastructure development.
The circle rates in Ayodhya have not been increased for the past seven years despite a surge in land transactions and the rising market value of land ever since the 2019 ruling of the Supreme Court that paved way for the construction of the Ram Mandir in the Uttar Pradesh town.
Ayodhya is undergoing an unprecedented transformation, driven by a substantial $6 billion investment in infrastructure, due to the inauguration of the Ram Mandir in 2024. This development has sparked a significant upswing in the real estate sector within the temple town, resulting in soaring property prices.
Areas near the Ram Mandir where the market rate of land has increased manifold since the Supreme Court's Ram Mandir verdict have seen steepest hike in the circle rates.
The highest hike of 200 per cent has been in villages like Tihura Manjha where the circle rate for 'agriculture' land since August 2017 ranged from ₹ 11 lakh to ₹ 23 lakh per hectare, The Indian Express reported.In the revised circle rate in effect from Monday, it has gone up to ₹ 33 lakh and ₹ 69 lakh per hectare.
At Tihura Manjha village, actor Amitabh Bachchan had signed an agreement for two plots last year.
We have approved the proposal for a hike in circle rate after considering the objections we had received on our proposal circulated in August last year.
Each district's Collector can revise land values each year in August, according to a 2015 amendment to the Uttar Pradesh Stamp Act (originally passed in 1997).
The revision takes into account land usage, irrigation availability, proximity to roads, markets, transport hubs, factories, schools, hospitals, government offices, and whether the land is in an urban, semi-urban, or rural area.
Ayodhya is among 54 districts of Uttar Pradesh where the circle rate was last revised in 2017, the report said. In 21 districts, the rates were revised in 2023.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
India.com
4 hours ago
- India.com
Turkey supported Pakistan during Operation Sindoor by giving weapons… still India is not ending all trade ties with Erdogan's country due to…
Home Business Turkey supported Pakistan during Operation Sindoor by giving weapons… still India is not ending all trade ties with Erdogan's country due to… Turkey supported Pakistan during Operation Sindoor by giving weapons… still India is not ending all trade ties with Erdogan's country due to… The government approaches a balanced policy towards Turkey rather than a complete ban due to several reasons and for the benefit of India. After Turkey's support to Pakistan, boycott business with the country was trending on social media for many days. Also there were demands for banning imports from Turkey that had grown in India. Even the government has taken strict action against Turkish companies and some of the companies and institutes had cancelled the deals with the country. Apple producers from Himachal Pradesh and marble traders from Rajasthan had also taken stand against the import from the country. But India has not broken all business ties with Turkey. The answer is in the economic considerations of various businesses. While the government has acted against Turkish companies on national security grounds, it is still cautious on the trade. The primary reason behind this is that India has a trade surplus of $2.73 billion with Turkey. It means India's exports to Turkey are more than imports. A ban will not only impact Turkey but also affect Indian exporters in sectors like engineering, electronics, and chemicals. According to a report by The Indian Express, a Commerce Ministry official stated, 'We have received several requests to stop imports from Turkey. However, we must also consider the interests of our exporters. A trade ban can give a strong geopolitical message, but the question is, how far are we willing to take it?' In the fiscal year 2024-25, India exported goods of $5.72 billion to Turkey, with engineering products alone of $3 billion. 35-40% of these exports came from the MSME sector shows the involvement of small and medium enterprises. Turkey imported goods of $2.99 billion from India like $270.83 million of gold and around $107 million of fruits and nuts. The import of fruits and nuts like apples, increased by around 10% compared to the previous year. For breaking news and live news updates, like us on Facebook or follow us on Twitter and Instagram. Read more on Latest Business News on More Stories
&w=3840&q=100)
First Post
7 hours ago
- First Post
India likely to avoid trade ban on Turkey due to $2.73 bn surplus
India is restricting Turkish involvement in key infrastructure projects over security concerns but is avoiding a full trade ban. Despite industry calls, the government is unlikely to impose a trade ban, due to $2.73 billion trade surplus. read more While India is taking steps to limit Turkish involvement in key infrastructure projects on national security grounds, it is less inclined to impose similar restrictions on overall trade. This is despite industry groups calling for a ban on imports such as apples and marble. The main reason is that India runs a $2.73 billion trade surplus with Turkey, and blocking trade could harm India's own interests. 'We have received several representations requesting a ban on imports from Turkey. Apple growers from Himachal Pradesh have specifically sought a ban on Turkish apple imports. However, India maintains a trade surplus with Turkey, and we must also consider the interests of our exporters. A trade ban could send a strong geopolitical message, but it's a question of how far we are willing to take it,' a government official told The Indian Express. STORY CONTINUES BELOW THIS AD The trade surplus is significant because India primarily exports industrial goods to Turkey—such as engineering products, electronics, and chemicals—which have steadily increased over the past five years. In contrast, Turkey's exports to India are mainly limited to fruits, nuts, gold, and marble. Following the Ukraine war, Turkey had ramped up its imports of petroleum products from India, but this category has seen a sharp decline in FY25. This development comes in the wake of Turkey backing Pakistan during heightened tensions with India, after New Delhi carried out Operation Sindoor targeting terror hubs in Pakistan and Pakistan-occupied Kashmir (PoK). Last month, apple growers from Himachal Pradesh met officials from the Union Commerce Ministry, demanding a ban on apple imports. They claimed that cheap, subsidised Turkish apples are damaging the domestic horticulture sector and pushing local farmers into financial distress. They also emphasised that apples are not merely a crop, but the economic backbone of hill states. Marble processors from Udaipur also wrote to the Prime Minister's Office (PMO) last month, seeking restrictions on marble imports from Turkey. Earlier this month, Turkish President Tayyip Erdogan met Pakistani Prime Minister Shehbaz Sharif in Istanbul and stated that both countries would work to deepen cooperation, especially in defence, energy, and transport, according to a statement from Erdogan's office. Pak gets strong Turkey backing About two weeks ago, Turkey reaffirmed its close ties with Pakistan, which are rooted in shared religious identity and historical links. Erdogan also expressed solidarity with Pakistan after India conducted military strikes in response to a terror attack in Pahalgam carried out by Pakistan-backed militants.
Mint
8 hours ago
- Mint
Ayodhya's land value soars: Circle rates hiked by 200%, highest near Ram Mandir
The circle rate of land in Ayodhya, where a Ram Temple was inaugurated in January 2024, has increased up to 200 per cent, depending on the use of land and location. The increase in rates has taken place first time after nearly eight years, the While the increase in rates was effective from 7 June, Saturday – a holiday but the registration of land accroding to new rates will begin from today, 9 June – when the offices open for normal work in the temple town. 'We have approved the proposal for a hike in circle rate after considering the objections we had received on our proposal circulated in August last year,' District Magistrate, Ayodhya, Nikhil Funde was quoted as saying by the The Indian Express. Circle rate is the minimum price set by the government for property transactions in a particular area. These prices are used to determine stamp duty and registration fees, ensuring property transactions are not undervalued and that tax evasion is prevented. While the increase in rates was effective from Saturday – a holiday but the registration of land accroding to new rates will begin from today, 9 June – when the offices open for normal work in the temple town. The circle rates are determined by local administration and vary based on factors like location, property type, and infrastructure development. The circle rates in Ayodhya have not been increased for the past seven years despite a surge in land transactions and the rising market value of land ever since the 2019 ruling of the Supreme Court that paved way for the construction of the Ram Mandir in the Uttar Pradesh town. Ayodhya is undergoing an unprecedented transformation, driven by a substantial $6 billion investment in infrastructure, due to the inauguration of the Ram Mandir in 2024. This development has sparked a significant upswing in the real estate sector within the temple town, resulting in soaring property prices. Areas near the Ram Mandir where the market rate of land has increased manifold since the Supreme Court's Ram Mandir verdict have seen steepest hike in the circle rates. The highest hike of 200 per cent has been in villages like Tihura Manjha where the circle rate for 'agriculture' land since August 2017 ranged from ₹ 11 lakh to ₹ 23 lakh per hectare, The Indian Express the revised circle rate in effect from Monday, it has gone up to ₹ 33 lakh and ₹ 69 lakh per hectare. At Tihura Manjha village, actor Amitabh Bachchan had signed an agreement for two plots last year. We have approved the proposal for a hike in circle rate after considering the objections we had received on our proposal circulated in August last year. Each district's Collector can revise land values each year in August, according to a 2015 amendment to the Uttar Pradesh Stamp Act (originally passed in 1997). The revision takes into account land usage, irrigation availability, proximity to roads, markets, transport hubs, factories, schools, hospitals, government offices, and whether the land is in an urban, semi-urban, or rural area. Ayodhya is among 54 districts of Uttar Pradesh where the circle rate was last revised in 2017, the report said. In 21 districts, the rates were revised in 2023.
