UT reduces collector rates of industrial, commercial properties by 5 and 10%

The Chandigarh Administration on Monday decided to reduce collector rates of commercial and industrial properties. However, there is no reduction of collector rates in residential areas.

“It was decided to reduce collector rates by 5% in Industrial Area, Phase I and II whereas it was decreased by 10% in SCOs/ SCFs/ Bay Shops in sectors of Madhya Marg, Grain Market, Sector 26, Sector 17, Sub-City Centre, Sector 34, Sector 22 and dividing road of Sector 35-34, Motor Market, Manimajra,” a statement issued by the administration said.

A decision to revise the collector rates was taken at a meeting chaired by Deputy Commissioner Mandip Singh Brar. The said meeting was attended by ADCs, SDMs, tehsildars and other officers.

During the meeting, it was decided that no revision of collector rate would take place in the residential areas. It was also decided that collector rate in agriculture land would be enhanced by 10%.

In the meeting, it was decided that floor-wise collector rate would be fixed for the housing board flats/industrial houses/society flats and the flats in Uppal Marble Arch, Manimajra. Further, the collector rates for shops in multiplexes and other malls have also been incorporated as was done for Elante Mall previously,” it was decided.

These collector rates have been proposed on the basis of sale deeds registered in the Sub-Registrar Office as well as survey of market and villages. The new rates will be made applicable from April 12.

Naveen Manglani, president, Chamber of Chandigarh Industries, said: “The reduction of the collector rates in industrial and commercial properties in Chandigarh was a long-pending demand and a genuine one.”

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“We welcome the decision of the committee headed by the Deputy Commissioner in reducing these rates. The details have yet to be calculated, because apparently collector rates need to be reduced further than 5% for the Industrial Area. The prevailing market rates are at least 20% to 25% lesser than the prevailing collector rates,” Manglani said.

“It is a very good initiative by the administration, and we look forward to more measures in this positive direction. Once the leasehold industrial plots are converted into freehold, more deals will take place and more revenue will be generated. As a result, more industry/business will flourish in Chandigarh Industrial Area,” he added.

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Charanjiv Singh, chairman, Chandigarh Beopar Mandal, said, “We welcome the move of Chandigarh Administration to decrease the collector rates. It will help in reviving property market. We also appeal to Chandigarh Administration to make the commercial property freehold so that citizens can buy it as per their need. Administration and MC can earn revenue out of it.”

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