AYODHYA | LUCKNOW: People looking to invest in property in Ayodhya will have to pay more to execute transactions as the district administration is set to revise the circle rate of the land upwards.
According to officials, the benchmark rates of residential properties in prime areas could increase by about 40%, while agricultural land on the outskirts would be increased by 10-30%.
The new rates will take effect from Saturday, and buyers will need to pay increased stamp duty. The circle rates in Ayodhya were not revised since 2017. Noting the increased value of properties mentioned in sale deeds, the local administration initiated the process of revising the stamp duty last year.
Divided into five tehsils (administrative subdivisions) — Sadar, Sohawal, Milkipur, Bikapur, and Rudauli — the benchmark value of agricultural, non-agricultural, and commercial plots and vacant land will increase substantially.
A senior officer from the district administration said that after conducting local surveys and collating the value of the plots and buildings mentioned in the sale deeds, the new rates were fixed after addressing objections and suggestions of residents.
State minister of stamps and registration (independent) Ravindra Jaiswal said, “The increased rates will not only help the department generate more revenue but will also benefit local farmers and property owners who are going to be impacted due to development projects. The value of the land being acquired by govt agencies and private players will also increase proportionately.”
Giving an example, a senior administrative officer said that for buying land in Ramkot, the locality situated in the vicinity of Ram temple, stamp duty had to be paid at the rate of Rs 4,100 per sq mt (about Rs 380 per sq ft). However, the actual rate of properties has increased by 15-20 times. Assistant inspector general of stamps and registration department, Yogendra Pratap Singh, said that the increased stamp duty would have to be paid from June 7.
“New rates will be publicised by the district administration and also put up on the notice board in the office of sub-registrars where the registry takes place,” he said.
The average hike in non-agricultural (residential) land value across localities will be 10%-40% while that in commercial properties will be 20%-50%. Similarly, the increase in agricultural land will be around 10%-30%.
Maximum hike in three property segments will be imposed in localities situated within Sadar tehsil, followed by Sohawal, officials said.
