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Mint
11 hours ago
- Business
- 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.
Indian Express
19 hours ago
- Business
- Indian Express
After nearly 8 years, Ayodhya land circle rates hiked up to 200%
After nearly eight years, the circle rate of land in Ayodhya, where a Ram Temple was inaugurated last year, has been increased up to 200 per cent, depending on the use of land and location. While the order is effective from Saturday, a holiday, the land registry, as per the new circle rates, will begin from Monday. '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 told The Indian Express on Sunday. On the hike, Funde said: 'The demand from the public was mostly to raise it more than our proposals in several areas. But the decision has been taken based on market rates and a survey conducted by us.' The circle rate is the district administration's assessment of land value in its jurisdiction, based on which stamp duty is fixed on sale or purchase, and based on which the administration acquires property from land owners, including farmers. On July 10 last year, The Indian Express had reported that 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 Temple in the town. The Uttar Pradesh Stamp (Amendment) Act, 1997, which was amended in 2015, stated that the 'District Collector, as far as possible, in every August month, will determine Rs per square metre minimum value of Agriculture/non-Agriculture land' and other immovable properties considering use of land, irrigation facilities, distance from road, market, bus station, railway station, factories, educational institutions, hospitals and government offices; its location within urban, semi-urban or rural areas; and other possibilities like distance from developed areas. Ayodhya is among 54 districts of Uttar Pradesh where the circle rate was last revised in 2017. In 21 districts, it was revised in 2023. The rates were also revised in districts adjoining Ayodhya such as Barabanki, Ambedkar Nagar, Gonda and Basti and Sultanpur. The steepest hike in the circle rate has been in areas near the Ram Janmabhoomi where the market rate of land has increased manifold since the Supreme Court's Ram Temple verdict. 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 Rs 11 lakh to Rs 23 lakh per hectare. In the latest circle rate, it has gone up to Rs 33 lakh and Rs 69 lakh per hectare. At Tihura Manjha village, the House of Abhinandan Lodha has purchased land and actor Amitabh Bachchan had signed an agreement for two plots last year. For Tihura Uparhar, the circle rate has been increased from Rs 32-71 lakh per hectare to Rs 42-95 lakh per hectare. In Shahnawzpur Majha, the rate has been increased from Rs 75-169 lakh per hectare to Rs 98-221 lakh per hectare. In Barahta Majha, the circle rate has been hiked from Rs 75 lakh- Rs 169 lakh per hectare to Rs 98 lakh- 221 lakh per hectare. At Ganja village, where the airport is located, old rates ranged between Rs 28 lakh to Rs 64 lakh per hectare. The new rates are between Rs 35 and 80 lakh per hectare. The UP Avas Vikas Parishad, which has proposed to build a township spread over nearly 1,800 acres, acquired nearly 600 acres until last March in villages such as Shahnawaz Pur Majha, Barhata Manjha, and Tihura Manjha. However, some of the farmers said the hike is not up to their expectations. 'Rates should have been increased at least 200 per cent in every village surrounding nearly 10 km of Ram Janmabhoomi. Farmers are not benefitting from the developments that are taking place in Ayodhya,' said Durga Yadav, who is fighting a legal case for an increase in circle rates in the Allahabad High Court. In last year's Lok Sabha elections, Samajwadi Party candidate Awadhesh Prasad defeated the sitting BJP MP from Faizabad parliamentary constituency, where Ayodhya is located. The Milkipur (SC) Assembly seat, vacated by Prasad, was won by the BJP later. Shyamlal Yadav is one of the pioneers of the effective use of RTI for investigative reporting. He is a member of the Investigative Team. His reporting on polluted rivers, foreign travel of public servants, MPs appointing relatives as assistants, fake journals, LIC's lapsed policies, Honorary doctorates conferred to politicians and officials, Bank officials putting their own money into Jan Dhan accounts and more has made a huge impact. He is member of the International Consortium of Investigative Journalists (ICIJ). He has been part of global investigations like Paradise Papers, Fincen Files, Pandora Papers, Uber Files and Hidden Treasures. After his investigation in March 2023 the Metropolitan Museum of Art, New York returned 16 antiquities to India. Besides investigative work, he keeps writing on social and political issues. ... Read More
