Punjab property rate revision to be implemented from Jan 1

In an apparent bid to boost realty sector which is presently going through a slump, the Punjab government is revising collector rates of properties in the state from January 1. Deputy commissioners have been asked to notify new rates in line with the prevailing market prices.

In an apparent bid to boost realty sector which is presently going through a slump, the Punjab government is revising collector rates of properties in the state from January 1. Deputy commissioners have been asked to notify new rates in line with the prevailing market prices.

The revision in collector rates, generally referred to as DC rates, is normally done at the end of a fiscal but given the fluctuation in property prices across the state, the government has decided to ‘rationalise’ the rates from the new calendar year itself.

In a communiqué to all the deputy commissioners, the revenue department has cited price instability as the only reason for the revision but sources reveal that the government was concerned about the stamp duty collections which had taken a downward spiral in the recent past. Colonisers and property dealers had also been demanding a cut in the collector rates which were increased in quick succession in the last few years. The high rates had adversely affected the sale purchase business.

“The real estate business is in stagnation. Even the NRIs are not taking interest in buying or selling. Rates are hiked without consulting the stake holders, ” said a property dealer.