Collector rates cut by 10-12% in Mohali

Our Correspondent

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Mohali, January 1

The district administration has reduced the collector rates by 10 per cent to 12 per cent in order to encourage the sale of property.

According to reports, the reduction in the rates will vary for different areas and different kinds of property.

By taking this step, the administration hopes to bring more buyers to the market. The property market was stagnant and the Revenue Department, too, was losing money.

Usually, the collector rates are increased but this is for the second time that the rates have been brought down.

Mohali property consultants had been demanding a cut in the rates.

The new rates will become effective with immediate effect.