Bringing relief to city industrialists, the UT administration on Friday announced to reduce collector rates by 25% for a category of plots at the industrial area. The benefit will be given only to those plots that were converted into commercial plots under UT’s policy.
The collector rates for all other categories will remain the same in the city. 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.
As per the revised rates approved by the committee constituted under UT deputy commissioner (DC) Mohammad Shayin, the collector rate will be Rs 82,368 per square yard in Industrial Area, Phase I and II.
The previous revision of the collector rates was done in August 2013. The last revision witnessed a steep hike of up to 50% in some of the categories. The industrial and trader bodies, including Chandigarh Beopar Mandal, had opposed the hike at that time, saying that the rates will divert the investors outside Chandigarh.
The sources revealed that the Friday’s decision was done on the long-pending demand of the trader and industrial associations.
Welcoming the move, the Chandigarh Chamber of Industry (CCI) president Vinod Mittal said the administration had done the right thing by reducing the collector rate of the industrial plots. He further said the administration should also consider their other long-pending demands.
President of the Chandigarh Beopar Mandal Charanjeev Singh demanded that the rates of other parts of the city should also be reduced as there was slump in the market.
Earlier, the estate office had not held any auction since December 2009 due to the slump in the real estate market. In 2010, the administration had planned an auction of the residential and commercial sites, but it was cancelled at the last moment.
The rates of the industrial area plots which has been converted into commercial, with the permission of estate office.
i. G. floor Rs 20,750 per sq ft i. G. floor Rs 15,593 per sq ft
ii. 1st floor Rs 18,480 per sq ft ii. 1st floor Rs 13,860 per sq ft
iii. 2nd floor Rs 17,325 per sq ft iii. 2nd floor Rs 12,994 per sq ft
Sec-17 most expensive
Shop-cum-offices in Sector 17 continues to be most expensive in the city as the collector is the highest. The collector rates for the same is Rs 7,20,720. While SCO on Madhya Marg, Sub City Centre, Sector 34, Sector 22 and Sector 35-34 dividing road is Rs 5,14,800 per square yard.
‘Chandigarh conversion of land use of industrial sites into commercial activity/services in industrial area Phases 1 and 2’ scheme was introduced in 2005. Under the scheme the sick industrial units can be converted into malls and hotels.