Collector rates cut in Panchkula

One can now buy property at rates that are around 10-16% cheaper over last year after the administration announced a decreases in collector rates.

The collector rate is the price below which property could not be registered in a jurisdiction and the new list comes into effect from Thursday.

Sample this, property in Sectors 23, 24, 25, 26 and Sector 2 of the Mansa Devi Complex (MDC) can now be registered at Rs 32,000 per sq m against last year’s rate of Rs 38,000 per sq m— a dip of 15.8%.

Overall, in Panchkula Urban Estate and the MDC, rates have fallen from 9.8%-15.8% for residential plots as compared to 2015-16. “Collector rate has seen a fall in Panchkula district for the first time,” said district revenue officer Dheeraj Chahal. Rates are usually revised from April 1 each year, but this time, the file was cleared by higher officials, resulting in a delay of around three months.

“The fall in collector rates was recommended after a survey of properties registered by tehsildars and naib tehsildars,” added Chahal.

There is no change in the collector rate of covered area of residential sites and commercial sites of Haryana Urban Development Authority (HUDA). There is also no change in rates in case of sale of property floor wise.

IMPLICATION FOR MARKET

Property dealers and consultants claim that the move will boost the realty market, while also leading to increased revenue for the market.

“We had sought even more decrease in the collector rates, but as of now, we are satisfied. For industrial and commercial properties, the rate should have been slashed by at least 50%,” said Suresh Aggarwal, president of Haryana State Property Dealers Welfare Association.

The collector rate for Group Housing Society flats for Sectors 4, 5 and 6 has been fixed at Rs 5,000 per sq feet from Rs 5,600 per sq feet earlier — a decrease of 10.7% over 2015-16. For other sectors of the MDC, the new rate is Rs 4,500 per sq feet.

For Group Housing Societies in sectors 14 and 20 the rate has been fixed at Rs 3,800 per sq feet. For flats in Sectors 23, 24, 25, 26, 27, 28 and 31 the new rate is Rs 3,300 per sq feet. For other sectors, it is Rs 3,300 per sq feet.