The economic landscape of Ayodhya, Uttar Pradesh, is witnessing significant changes following the construction of the Ram Janmabhoomi temple. Since the temple’s establishment, there has been a marked increase in land prices in the region, prompting local authorities to consider raising the circle rates in several areas. Reports suggest that these rates may see an increase of up to 200%.
Impact of the Ram Temple on Land Prices
According to local officials, the circle rate for the Sadar Tehsil of Ayodhya is set to rise by up to 200% starting next Wednesday. Gaurav Dayal, the Commissioner of the Ayodhya division, confirmed that a public notice regarding this increase has already been published. Residents can expect detailed information about the new circle rates on September 4th, when the local administration will announce the revised figures.
Remarkable Increase in Land Rates
The rapid surge in land prices around the Ram Janmabhoomi area has been remarkable. Lands near the temple and along the highways have reportedly sold for prices ranging from 41% to as much as 1235% over the established circle rates in the past three years. This trend indicates a booming demand for land as investors, real estate companies, and large hotel chains are eager to acquire property in the city.
Cash Transactions Dominate Real Estate Deals
A significant portion of land transactions in Ayodhya is being conducted in cash. While payments based on the circle rates are being transferred via bank transactions, many large deals are still occurring outside the formal banking system. In response to these developments, local authorities have decided to implement a new circle rate as part of a broader regulatory update. This process has now been finalized, with modifications established under the Uttar Pradesh Stamp (Property Valuation) Act of 1997.
Previous Revisions and Future Prospects
The last amendment to the circle rates in Ayodhya occurred in 2017. However, following the temple’s inauguration by Prime Minister Narendra Modi on January 22, 2024, there has been renewed scrutiny regarding these increases. Critics, including Samajwadi Party chief Akhilesh Yadav, have accused the ruling Bharatiya Janata Party (BJP) of manipulating the rates to benefit select individuals associated with the party.
Summary of Circle Rate Changes
| Area | Current Circle Rate Increase | Notable Transactions |
|---|---|---|
| Sadar Tehsil | Up to 200% | 41% to 1235% over established rates |
| Ram Janmabhoomi vicinity | Pending Announcement | High demand from real estate developers |
| Highway Adjacent Land | Significant price hikes | Rapidly buying interest from investors |
In conclusion, the establishment of the Ram temple has not only reshaped the spiritual landscape of Ayodhya but has also ignited economic opportunities and challenges, significantly influencing land prices and investment patterns throughout the region. As local authorities prepare to roll out new circle rates, all eyes will be on the market dynamics that emerge in the coming months.
