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Mohali: Now, buying property on Airport Road costlier by up to 50%
From Septemer 16, the Mohali admn has increased collector rates, depending upon the locality, by 26% to 50% for 2024-25
Buying a residential, commercial or industrial property along Airport Road will now be a much costlier affair with collector rates being hikes across Mohali district.
With the new rates already in place from Monday, properties across Mohali have become dearer, including those on Airport Road, spanning from Airport Chowk near Sector 82 to Gopal Sweets intersection in Kharar.
The 200-foot-wide PR7 road, better known as Airport Road, connects Shaheed Bhagat Singh International Airport to Mohali and Chandigarh.
Apart from being the only link to the airport for traffic coming from Punjab and Haryana, it also serves as a major traffic lifeline for vehicles moving from Mohali towards Zirakpur, Ambala and Delhi on one side, and Kharar, Rupnagar, Ludhiana, Anandpur Sahib and further towards Himachal Pradesh on the other side.
Most of the traffic coming from Delhi and Haryana along GT Road, and heading towards Punjab, Jammu and Kashmir and Himachal Pradesh or vice versa traverses through this road.
From September 16, the district administration increased the collector rates, depending upon the locality, by 26% to 50% for financial year 2024-25.
Consequently, buyers will have to pay up to 50% more at the time of registration of the residential units along Airport Road as the collector rates have increased from ₹30,000 to ₹45,000 per square yard.
To buy a commercial property on the same road, one will have to shell up to 33% extra at the time of registration of property, with the collector rates being hiked from ₹30,000 to ₹40,000 per square yard.
The rates of chahi land (land irrigated from well) near Airport Road has also increased by 40% — going up from ₹1.5 crore to ₹2.10 crore per acre.
In Kharar, rates of the vacant commercial plots on PR7, including showrooms, shops and booths, has gone up from ₹30,000 to ₹50,000 per square yard.
Stamp duty to multiply
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.
District revenue officer Aman Chawla said the new rates were decided keeping in mind the hike in market rates. “The rates have been increased as per the need of the location. The places with much less collector rates have even got a hike up to 50%. The collector rates increase every year and thus new rates will be applicable on all property registrations from Monday,” Chawla said.
Criticising the government move, industrialist Sukhminder Singh Uppal said, “Rates of industrial properties are already skyrocketing in Mohali and thus industrialists are staying away from Mohali and rather setting up plants in nearby states, where subsidies are much more lucrative.”
Harpreet Singh Dadwal, former president of the Mohali Property Consultants’ Association, said the steep hike in collector rates will burn a hole in the pockets of the common man.
