E-Paper
Collector rates in Mohali hiked, homes to get costlier
The new rates are set to multiply the already hefty stamp duty on properties by lakhs; the revision in rates comes after a 35% hike in 2021 that had helped the administration rake in almost double the stamp duty compared to 2020, followed by 42% to 76% hike in 2022
Buying a residential, commercial or industrial property in Mohali will get costlier, as the district administration has increased the collector rates, depending upon the locality, by 26% to 50% for financial year 2024-25.
District revenue officer Aman Chawla said the new rates will be applicable from September 16. The new rates are set to multiply the already hefty stamp duty on properties by lakhs. The revision in rates comes after a 35% hike in 2021 that had helped the administration rake in almost double the stamp duty compared to 2020, followed by 42% to 76% hike in 2022.
Depending on whichever is higher, the stamp duty is either calculated through the property’s consideration value or collector rate, which is also known as circle rate. It is levied on every property registered at the sub-registrar’s office. For a male owner, the stamp duty is 8% of the property’s collector rate depending on the total area, 6% for a female owner and 7% in case of a joint ownership.
