UT deputy commissioner Mohammad Shayin called a meeting with local industrialists and traders regarding collector rates. Higher collector rates in the city for all type of properties were discussed.
Chander Verma, chairman of Converted Plot Owners’ Association, said in the Industrial Area, the collector rates for converted plots were more than double than the prevailing rates in the market.
The collector rate is the minimum rate at which the property is registered and nobody is allowed to purchase land and immovable properties in different categories below the rate determined by the administration. The previous revision of the collector rates was done in August last year. The last hike was of 50%. He further said with the increased collector rates, no costumers were buying the property.