Chandigarh slashes commercial collector rates by 10%

Dushyant Singh Pundir
Tribune News Service
Chandigarh, April 5

To give a boost to the realty sector, which has suffered a setback due to Covid-19, the UT Administration has decided to slash the collector rates to bring them on a par with two neighbouring satellite cities — Panchkula and Mohali.

Another reason behind the decision is the realisation that “exorbitant prices” of commercial properties were a deterrent to new buyers, who were beginning to prefer Mohali and Panchkula over Chandigarh. The decision to revise the collector rates in the UT was taken at a meeting, chaired by Deputy Commissioner Mandip Singh Brar.

During the meeting, it was decided to reduce the collector rates by 5 per cent in the Industrial Area, Phase I and II, whereas it was decreased by 10 per cent for SCOs, SCFs, bay shops in sectors on Madhya Marg, grain market, Sector 26, Sector 17, Sub-City Centre, Sector 34, Sector 22 and the road separating Sector 35 and 34 and the motor market, Mani Majra. However, the collector rates for agriculture land have been enhanced by 10 per cent. No change in the collector rates has been made in the case of residential areas. The collector rates were last revised in September 2017. The Deputy Commissioner said it was also decided that floor-wise collector rates would be fixed for Chandigarh Housing Board (CHB) flats, industrial houses, society flats and flats in Uppal Marble Arch, Mani Majra. The collector rates for shops in multiplexes and other malls had also been incorporated as was done for the Elante mall previously, he said.

“The collector rates have been proposed on the basis of sale deeds registered in the Sub-Registrar Office as well as the survey of market and villages,” the Deputy Commissioner said, adding that the new rates would be made applicable from April 12.

Decreasing the collector rates of commercial industrial properties was the need of the hour as it would help in reviving the property market, said Charanjiv Singh, president, Chandigarh Beopar Mandal. He appealed to the Administration to make the commercial property freehold so that people could buy it as per their need and the authorities could earn revenue from it.

The reduction in the collector rates in industrial and commercial properties was a long-pending demand, said Naveen Manglani, president, Chamber of Chandigarh Industries. “The prevailing market rates are at least 20 per cent to 25 per cent less than the prevailing collector rates,” he said. “Once the leasehold industrial plots are converted to freehold, more deals will take place and more revenue will be generated. As a result, more industry/businesses will flourish in the Chandigarh industrial area,” he said.

Kamaljit Singh Panchhi, chairman, Property Consultants Association, said the authorities should have also reduced the collector rates of residential properties to boost the sale of houses, as residential properties were still out of reach of the needy people.

The collector rates in the UT were higher than Mohali and Panchkula, he said, and demanded that the rates should be reduced by at least 40 per cent to boost the sale and purchase of properties.