Registration of properties in city likely to cost more

Ramkrishan Upadhyay

Tribune News Service

Chandigarh, June 3

Registration of property in the city is likely to cost more as the UT Administration is mulling over an increase in the collector rates after a gap two years.

Sources said a committee formed to review the collector rates by the office of the Deputy Commissioner had recommended a 10 per cent hike. The recommendation has been sent to the UT Administration for the final approval.

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

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.

At present, the collector rate of SCOs in Sector 17 is Rs 5,83,783 per sq yd. The collector rate of SCOs on Madhya Marg and in Sectors 34, 22, and 35 is Rs 4,16,988 per sq yd.

In residential areas, 10 per cent increase is proposed in all three zones — Sectors 1 to 12 (zone I), Sectors 14 to 37 (zone II) and Sector 38 onwards (zone III). Presently, the collector rate in zone I is Rs 78,250 per sq yd, zone 2 Rs 74,337 per sq yd and zone 3 Rs 70,424 per sq yd.

Sources in the Estate Office said the proposal for a nominal increase in the collector rates had been prepared in view of the current real estate market, which had been witnessing positive trends in the recent past. Various organisations of traders, property owners and industrialists have been demanding a reduction in the collector rates saying the prevailing rates are the highest in the tricity. However, an overwhelming response to an e-auction recently prodded the Administration to consider a hike in the rates.