At Chandigarh, realtors unhappy with reduction in Collector rates

From The Times of India

Chandigarh: Real estate experts and members of different associations were not excited about the reduction of collector rates in the city.

They felt the decision would not change the property scenario in the city and people were already moving to Mohali and Panchkula. Experts said market rates of commercial segment needed to the reduced by 30% to 50% but have not been touched, while in some areas a mere 5% to 10% reduction was made.

Sunil Kumar, chairman of Property Consultants Association, Chandigarh, said, “Not touching commercial property properly and just reducing rates by 5% to 10% is an eyewash. It will not solve any purpose. Rates of commercial property should have been reduced by at least 30%.”

Charanjeev Singh, chairman, Chandigarh Beopar Mandal said, “The rates have not been reduced to our expectations. The revision in industrial segment is right and if not much, at least the same should have been in other segments too”.

Vinod Mittal, president, Chamber of Chandigarh Industries, said, “The reduction of rates on industrial plots is a welcome move, although it was long pending demand. As far as Industrial Area is concerned, we are happy for the downward revision, which is close to the market rate, but still higher. We are hopeful more correction will be done in March. As far as other parts of the city, justice has not been done, because property prices in markets are genuinely very low and minimum correction of 20% was required.”

Kamaljit Singh Panchhi, president, Property Federation, Chandigarh, said, “The Punjab government reduced the collector rate 40% to 50% within one year. The collector rates reduced by the administration completely mismatch the prevalent actual prices of property. Hence, its impact will be very little. We do endorse the decision of the administration but it still needs to review it.

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