In a move aimed at rejuvenating the realty market in SAS Nagar, the district administration has slashed the collector rate by 10% to 12% making registration of property less expensive in the district.
“Keeping in view the sluggish property market, we have reduced the collector rates by 10-12 % in SAS Nagar,” confirmed sub divisional magistrate, SAS Nagar, Lakhmir Singh.
The revised rates would become applicable from January 1, 2016. The last time collector rates were revised in April 2015 by 5% for residential properties and 7% for commercial properties.
The move is being seen to send the cash registers of the revenue department ringing with more registration of properties. In the wake of the slowdown in the property market, the registration of properties in SAS Nagar was dismally low.
“This would definitely give impetus to the property market which is undergoing a slowdown. With the coming of the airport, there is a positive sentiment in the market and the reduction in collector rates would boost the market,” shared Ashok Goyal, president of Mohali property consultants’ association.
“We are hoping that the move will draw customers from Chandigarh. Reduction in collectors rates is a welcome move and if the property is registered in the name of females, then there is additional rebate of 2%,” said Amandeep Singh Gulati, a property consultant in SAS Nagar
UP TO 15% CUT IN UT LIKELY TODAY
The UT estate office is all set to slash the collector rates by up to 15% on Saturday. Deputy commissioner Ajit Balaji Joshi held a meeting with traders to discuss the issue. Traders, industrialists and residents have been demanding for long cut in the collector rates in Chandigarh as they feel they are on the higher side. as compared to adjoing areas falling in Haryana and Punjab. The UT had hiked the collector rates by 10% in 2012. The rates were hiked by up to 50% in 2013.