Realtors call for amendment in proposed collector rates

The Real Estate Agents’ Welfare Association of Faridabad has called for amendments to the proposed hike in collector or circle rates for land and property in the district, set to take effect from December 1. The association submitted a memorandum to the Chief Minister through the Deputy Commissioner’s office on Wednesday, urging reconsideration of the rates.

The association termed the proposed rates “unjustified and unexpected”, arguing that the sharp increase would negatively impact the property market and make home ownership unaffordable for many due to higher registration charges.

“This one-sided decision by the government could lead to a slowdown in the real estate sector, resulting in revenue loss for the state,” said Gurmeet Singh Deol, general secretary of the association.

The body suggested limiting the rate hike to 5-10 per cent to ensure sustainable growth in the housing sector. It also proposed implementing any increase from April 1, aligning it with the start of the new financial year.