No change in collector rates in Panchkula dist

Ishrat S Banwait

Tribune News Service

Panchkula, March 22

Collector rates in Panchkula are are set to remain untouched this year. As per the proposal prepared by the district administration, only three locations in Kalka will see an increase of 10-15 per cent.

Last year, collector rates were reduced by 15 per cent, which had brought a cheer to people as they were able to buy property at lower prices. However, this year, the realty sector has been hit hard due to demonetisation of the high value currency. Property dealers say the decision on collector rates will make no difference to the business.

Revenue experts too said even after reduction in the rates last year, there was no significant increase in the purchase of properties. Last year, the change in the rates was announced in June, five months before the demonetisation move. Experts say a reduction of 30-35 per cent would have made a difference. It was the first time that collector rates were decreased in Panchkula.

While the rates will see no change elsewhere, only three locations in Kalka will see an increase of 10-15 per cent. It is being done to rationalise property prices, which will be on par with those in the periphery of the town. Kuljinder Singh, a property dealer, said, “The market has not recovered from the effect of demonetisation and stagnant property rates will not make any impact unless it is a big change.”

Last year, collector rates in the residential areas of Sectors 6, 7 and 8 had come down to Rs 47,000 per sq m from Rs 53,000 per sq m in 2015-16. In the case of industrial areas, for an area up to 1,000 sq m, collector rate was reduced to Rs 27,000 per sq m from Rs 30,000 per sq m in 2015- 2016.

In the commercial property segment — SCOs in Sectors 7 to 11 and 20 — collector rates were slashed to Rs 2,00,000 per sq m from Rs 2,15,000 per sq m in 2015- 2016. Similarly, collector rates were slashed in the case of SCFs, booths, service booths and the grain market, Sector 20.