Property dealers urged the administration to reduce collector rates.
CHANDIGARH:
With prices of properties in Chandigarh falling in the past few years, property dealers of the city have urged the administration to reduce collector rates.
A representation in this regard has been given by traders and property dealers to the UT administration. As per the recently released National Housing Bank’s (NHB) RESIDEX (index of residential prices) report, Chandigarh was among the top tier-2 cities which have recorded a significant fall. Property dealers have held high collector rates as the main reasons for the fall in prices.
Collector rates in Chandigarh are considerably higher than the rates in Panchkula
and Mohali. Collector rate is the lowest at which a property is registered. It is fixed by the administration and revised every year.
Kamaljit Singh Panchi, adviser of Chandigarh Property Consultants Association, said high collector rates were keeping away buyers and this had led to a fall in prices. He said collector rates in Chandigarh were abnormally high and unrealistic than the prevailing market price. “This anomaly has resulted in a complete breakdown of all transactions related to property in Chandigarh. Properties in the market are available at less than half of the price of current collector rates,” he said.
The UT administration last year reduced collector rates by 10% and 5% in commercial and residential categories, respectively. In 2016, the administration reduced rates up to 20% in both residential and commercial categories.
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