Realtors want reduced conversion rates in Chandigarh

CHANDIGARH: Describing the rates proposed by the Chandigarh Administration for transfer of leasehold property to freehold as unreasonably high, Chandigarh Property Consultants Association urged UT adviser Parimal Rai to reduce the rates.

According to the proposed rates, nothing will be charged for properties between 0 and 50 square yards. For properties between 51 and 150 square yards, owners will have to pay 7.5% collector rate, while for properties ranging between 151 and 250 square yards, the rate has been fixed at 10% of collector rate.

For properties between 250 and 350 square yards, owners will have to shell out 15% of the collector rate. Rate of 20% has been fixed for properties between 351 and 500 square yards. The collector rate is the lowest price at which a property is registered. It is fixed by the administration and revised every year.

A delegation of the association, on Thursday, met UT adviser and explained that the administration is charging Rs 1,710 per square yard for conversion of leasehold property to freehold. For a 150 square yard property, the allottee had to pay just Rs 8,383 as conversion charge. As per proposed rates, the allottee will now have to shell out Rs 9.26 lakh.

Credits ET Realty

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