Collector rates revised in Chandigarh after four years
Revising the collector rate after four years, the Chandigarh administration has slashed it by 10% for commercial properties and by 5% for industrial plots.
However, the rate for agricultural land has been enhanced by 10%, while there is no change in the case of residential properties. The decision was taken in a meeting chaired by deputy commissioner Mandip Singh Brar on Monday.
“The new collector rates have been decided after an analysis of sale deeds registered as well as survey of markets and villages. These will be enforced from April 12,” said Brar.
Collector rate is the minimum property value below which it cannot be registered with the government. On collector rate, stamp duty is also paid.
The reduction in rates was a long-pending demand of different business and industrial associations. The issue was also taken up in the latest administrator’s advisory council meeting. In 2017, the rate for commercial and residential properties was cut by 10% and 5%, respectively.
Welcoming the decision, Kamal Gupta, president, Property Consultant Association, Chandigarh, said: “In some areas, the collector rate is much higher than market prices. We had sought around 20-25% reduction, but the administration’s decision will still help in reviving the real estate market.”
Pankaj Khanna, president, Industries Association of Chandigarh, said rationalisation of collector rates was the need of the hour and will help entrepreneurs restructure their asset to ward off economic crisis.
The revised rates
In the Industrial Area, Phase I and II, the collector rate has been decreased from ₹65,894 to ₹62,599 per square yard. For agricultural land, it has gone up from ₹1,15,50,000 to ₹1,27,05,000 per acre.
When it comes to commercial properties (SCOs/SCFs/bay shops) along Madhya Marg and Sector-34/35 road, Sector 22 and Sub City Centre in Sector 34, it has gone down from ₹4,16,988 to ₹3,75,289 per square yard. In Sector 17, it has been reduced from ₹5,83,783 to ₹5,25,404 per square yard.
In the Manimajra motor market, it has been slashed from ₹3,08,880 to ₹2,77,992 per square yard. The collector rates for shops in multiplexes and other malls have also been incorporated as was done for Elante Mall previously.
Rationalised for housing societies
The administration has also rationalised the collector rates for Chandigarh Housing Board/society flats, industrial houses and flats at Uppal Marble Arch, Manimajra.
Now, the rates will be calculated on covered area basis (per square foot) rather than plot size (per square yard).
For ground floor, it has been fixed at ₹4,500 per square foot. For first, second and third floor, it is ₹4,000, ₹3,690 and ₹3,200 respectively. For Uppal Marble Arch, it has been fixed at ₹6,000 per square foot.