Ayodhya's property rates skyrocket: Four-fold surge in four years ignites real estate boom
The surge in transactions is coupled with a remarkable 400% spike in property rates over the last four years. During the financial year 2020-21, 18,329 property sale deeds were recorded, contributing Rs 115 crore in stamp duty fees.
FollowIn a notable trend indicative of economic growth, Ayodhya has witnessed a consistent upswing in real estate transactions over the past four years. Despite being primarily an agricultural economy, the city has experienced a significant increase in real estate deals across all property segments. Data from the stamp and registration department reveals a continual rise in the number of property sale deeds, reflecting a 40% annual increase.
The surge in transactions is coupled with a remarkable 400% spike in property rates over the last four years. During the financial year 2020-21, 18,329 property sale deeds were recorded, contributing Rs 115 crore in stamp duty fees. The initiation of Ram temple construction in August 2020 marked a turning point, attracting outsiders to the temple town.
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In 2021-22, real estate transactions across agricultural, non-agricultural, and commercial properties increased to 20,321, generating Rs 149 crore in stamp duty income despite the challenges posed by the pandemic.
The positive trend continued in 2022-23, with 22,183 sale deeds executed, yielding Rs 138 crore in income. For the current financial year (2023-24), 18,887 transactions have been recorded by December 31, 2023, with estimated final numbers ranging from 25,000 to 26,500 by March 31, 2024.
The stamp duty income has already reached Rs 138.16 crore in the first three quarters, and market estimates project a final figure between Rs 185-195 crore by the end of the fourth quarter.
Inspector General of the stamp and registration department in UP, Rupesh Kumar, attributes the increased stamp duty income to rising transaction volumes or values. While circle rates have remained constant in Ayodhya since 2017, the sub-registrar of Ayodhya sadar area, Shanti Bhushan Chaubey, anticipates a significant income boost by March 31 compared to the previous financial year, particularly in residential property transactions.
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