The Punjab government on Monday decided to reduce collector rates by 15% for registration of properties in the state.
Revenue minister Bikram Singh Majithia said all deputy commissioners had been directed to convene a meeting with all stakeholders to undertake necessary steps for revising the rates.
He also told them to publish the new collector rates on the official website besides putting them on the notice boards in sub-registrar offices to give it a wide publicity. He said the step was aimed at rejuvenating real estate and housing sectors.
Under Rule 3-A of the Punjab Stamp (Dealing of Undervalued Instruments) Rules, 1983, for registration of lands the right to fix collector rates every year rests with the deputy commissioners concerned.
Keeping in view the various aspects and location of land, the rates are fixed as per the advice of a committee comprising representatives of various departments. The deputy commissioners generally fix these rates once a year in March and they are implemented from April.