The administration has reduced the collector rate in new sectors in the district by nearly 20% to encourage the realty market. The decision means that the buyer of a property will pay reduced fee as the stamp duty levied on every transaction registered with the office of the sub-registrar. The rate has been left unchanged for the old sectors of the township with the new rates coming into effect from June 30 (Monday).
So, buying property will pinch you less in Sectors 85-92 in the residential areas. In the commercial segment, the reduced rates apply in Sectors 53-56 and Sector 71 onwards. Industrial plots also will attract the slashed collector rate.
From phase-1 to Sector 80, the old localities, the existing rates which range between`24,000 and`28,000, will continue to apply.
The decision is likely to positively impact the property market, which has seen a dip of 15-20% with no major buying or selling taking place in the district for the last three years.
Mohali Property Consultants Association (MPCA) chairman Shailander Anand said: "The move will give some boost to the real estate market. However, it could have been better, if the rates of the old sectors had been reduced."
However, not all are enthused.
Former MC councillor NK Marwaha said that the decision was mere eyewash as the slump in the market had hit the entire district and not the new sectors in isolation. "We request the administration to consider reducing rates in the old sectors also," he added.