North India Statesman
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Why are prices rising?
The rise in land prices in Ayodhya is due to religious tourism and development of infrastructure. Due to the construction of the Ram Janmabhoomi temple and the development of roads, hotels and other facilities around it, there has been a rapid increase in demand for land. In addition, the circle rate has been increased based on the demand and use of residential, commercial and agricultural land.
Builders and real estate experts response
Saurabh Vikram Singh, director of a builder firm in Ayodhya, said that the increase in circle rate will also increase stamp duty. However, this will benefit landlords as the official value of their property will increase, which will improve loan valuations and property evaluation.
Real estate developer Vivek Aggarwal said that the move will help in curbing black money transactions. The circle rate is the minimum price at which property can be registered in any field. This rate acts as a base line for calculation of stamp duty and is also used to determine compensation in cases of land acquisition. This will increase transparency in real estate market.
Most expensive area
Rakabganj: The current circle rate is Rs 26,600-27,900 per square meter.
Devkali: This area near the temple has also become the most expensive.
Awadh Vihar: Demand for land increased rapidly in residential schemes.
Real estate future in Ayodhya
The real estate market of Ayodhya is changing rapidly due to the development of religious and tourism. The increase in circle rates shows that Ayodhya is no longer a religious place, but is also becoming an attractive place for real estate investment. Although the increase in stamp duty may increase costs for buyers, but in the long run the market will make the market more regular and transparent.
