The Indian Express 03.08.2013
UT hikes collector rates by 50% for residential, commercial properties
However, the collector rate for industrial property has been hiked by around 5 per cent.
Collector rate is the minimum value that the administration fixes for various types and sizes of property. For residential property in urban area, the collector rate has been fixed at Rs 82,368 per sq yard. Last year, this was Rs 54,912. For independent housing board flats as well, the collector rate has been fixed at Rs 82,368 per sq yard.
For the housing board flats on the ground floor, the collector rate has been fixed as Rs 30,888 per sq yard. For the first floor, it would be Rs 24,024 per sq yard; for the second floor, it would be Rs 17,160 per sq yard; and for the third floor, it would be Rs 10,296 per sq yard. The collector rate for cheap houses has been fixed as Rs 51.48 lakh. For Shivalik Enclave, the collector rate is Rs 51,480 per sq yard.
In the villages under the Municipal Corporation, the collector rate for property would be Rs 10,296 per sq yard, while for those under the administration, it would be Rs 6,864 per sq yard. Earlier, it was Rs 6,864 in villages under the Municipal Corporation and Rs 4,576 in villages of the administration.
The collector rates were decided by a committee constituted under the chairmanship of UT Deputy Commissioner Mohd Shayin. "The collector rates of Panchkula and Mohali were analysed before finalising these for Chandigarh. The price of property in Chandigarh is much more than that of the neighbouring towns. We have tried to make the collector rates nearer to the actual value. The sale and purchase of property is not likely to be affected," he said.
The other members of the committee were ADC Tanvi Garg, Assistant Estate Officer Rahul Gupta, Treasury Officer Rajiv Tewari and Tehsildar (Revenue) D S Balouria.
However, for commercial property, the collector rates for booths in Sectors 17, 19, 34, 22 and 35 would be Rs 4.63 lakh per sq yard. For booths in Sectors 7, 8, 9, 26, 16,18, 20 and 21, the collector rate would be Rs 3.70 lakh per sq yard while for those in Sector 23, 24, 32, 37, 38 and other sectors, it would be Rs 2.57 lakh per sq yard.
The collector rate for an SCO in Sector 17 would now be Rs 7.20 lakh per sq yard. For SCOs on Madhya Marg, Sector 34 and Sector 22, it would be Rs 5.14 lakh per sq yard.
Kamaljit Singh Panchhi, the advisor of the Property Dealers Association, feels the new collector rates would have a bad effect on property sale and purchase. "The auctions in Panchkula and Mohali have not yielded good results. The property market is not finding any takers. No one would want to invest in Chandigarh. People would instead buy property in the neighbouring areas where the rates are less," he said.
