Panchkula: Real Estate collector rates slashed by 10-15 per cent

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The Collector rate for trans – Ghaggar sectors – Sector 23, 24, 25, 26 and those of Mansa Devi Complex (MDC) went down from Rs 38,000 per square metres to Rs 32,000 per square metres. “The trans – Ghaggar sectors are the developing sectors and the reduction in rates will significantly boost sale of property, especially in Sector 25 and 26. The other sectors are yet to developed,” said Suresh Aggarwal, president, Haryana State Property Dealers Association.

The slump in the market over the past few years had compelled the property dealers to hold talks with local leaders for reduction in rates. The Association members had submitted memorandums to Chief Minister, Manohar Lal Khattar and Panchkula MLA Gian Chand Gupta requesting for at least 50 per cent reduction in the Collector rates.

“It is a good sign, as the purchase of plots will improve and there will be marginal effect on prices of flats in Group Housing Societies, but, more efforts are needed in this direction. The slump in market was from 35-40 per cent and the rates have been decreased by just 15 per cent. The reduction should have been atleast by over 30 per cent,” said Parwinder Dhingla, a Panchkula-based property dealer.

The revision in rate has come three months after Chandigarh administration reduced the Collector rates by 20 per cent, followed by Mohali administration, which had reduced the Collector rates by 15 per cent in May. The downfall inmarket had led Mohali to reduce the rates twice this year, by 10 per cent in January and 15 per cent in May.

“There is an overall relief, which was the need of the hour, but we could have expected a better impact if the rates were reduced more. We had requested for at least 50 per cent reduction. Nevertheless, it is a welcome step by the administration and we hope there is more reduction next time,” added Aggarwal.

Residents also welcomed the move as it would ease the transactions and purchase of new property. “We are relieved. Mohali and Chandigarh had already reduced the rates. For Panchkula, better late than never,” said S K Nayyar, president, Citizen Welfare Association.