Collector rates hiked up to 40% in Faridabad

Faridabad, April 9

The district administration has got the approval of state government to revise the collector (circle) rates for the financial year 2023-24. The new rates will be up to 40 per cent higher than the existing prices.

An official of the Revenue Department said the hiked rates would be implemented from Tuesday. He added that the minimum increase in the collector rates was nearly four per cent.

Another official of the department said the market rates of property in various residential areas in urban as well as rural areas falling under the city municipal limits were between Rs 16,000 and Rs 40,000 per square yard. “Following the revision, market prices of residential and commercial properties in the city may increase by nearly 10 per cent,” he added.

His view was reiterated by property consultant Rohtash Chahal. He said, “Property rates will increase by 10 to 20 per cent. People planning to purchase new properties will have to face problems.”

A source in the department said in many areas, including Sectors 9, 14, 15, 16, 17, 21, 28 and 46, prices were not changed as there was no noticeable difference in the existing market and the collector rates.

The exercise to revise the collector rates was carried out in the past few weeks. The district administration had than submitted the proposal of the revised prices to the state government last week. The district authorities received the approval from the government today, said an official.

District Revenue Officer BS Rana said the collector rates were revised every fiscal in consonance with the existing market rates in the area.