Chandigarh administration slashes collector rates of commercial properties – ET RealEstate

CHANDIGARH: The UT administration has reduced the collector rates of commercial properties by 5 % to 10%.

The decision was taken in a meeting chaired by deputy commissioner Mandip Singh Brar.

Collector rate in Industrial Area, phases I and II, was decreased by 5% and 10 % in SCOs/ SCFs/ bay shops in sectors of Madhya Marg, Grain Market, Sector 26, Sector 17, sub-city centre, Sector 34, Sector 22 and dividing road of Sector 35-34, Motor Market, Manimajra.

It was decided that no revision of collector rate would take place in the residential areas. It was also decided that collector rate on agricultural land would be enhanced by10% Brar said that the decision was taken on the basis of sale deeds registered in the sub-registrar office as well as survey of market and villages.

It was decided that floor-wise collector rate would be fixed for housing board flats, industrial houses, society flats and flats in Uppal Marble Arch, Manimajra.

The new rates will be applicable from April12.

The administration had last rationalised the collector rates in September 2017. Then, it had reduced the collector rates of commercial properties by 10% and residential properties by 5%.

The collector rate is the minimum rate of a property fixed by the government on which the registration is made and stamp duty is calculated. It varies from one area to another depending upon its importance.



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