CHANDIGARH: The Property Consultants’ Association of Chandigarh met Chandigarh deputy commissioner Nishant Kumar Yadav on Wednesday, requesting him a grace period of four months before the implementation of new collector rates and urging for the rationalisation of these rates in line with market trends.
Members said since authorities were in the process of increasing collector rates, a grace period would help buyers and sellers who have already entered into agreements to sell, allowing them to close their deals without hassle. The administration had issued the new rates on March 5. Since the UT is going to implement new collector rates from April 1, it has already called for suggestions and objections from the public until March 25.
Parveen Kumar Bhambri, a spokesperson for the association, said while discussing residential and commercial segments, it was suggested collector rates of commercial properties be decreased by 30% from the present rates. “This reduction would generate a good amount of revenue from the commercial sector of the city. It is also requested that the proposed hike in the residential collector rate should not be beyond 20%-30% of the existing rate,” he said.
In the case of society flats, the association suggested that the huge increase would bring the market to a total halt, resulting in a loss of revenue to the UT administration. Therefore, collector rate should not increase by more than 20% in the case of flats, said the association.
Chandigarh: The Property Consultants’ Association of Chandigarh met Chandigarh deputy commissioner Nishant Kumar Yadav on Wednesday, requesting him a grace period of four months before the implementation of new collector rates and urging for the rationalisation of these rates in line with market trends.
Members said since authorities were in the process of increasing collector rates, a grace period would help buyers and sellers who have already entered into agreements to sell, allowing them to close their deals without hassle. The administration had issued the new rates on March 5. Since the UT is going to implement new collector rates from April 1, it has already called for suggestions and objections from the public until March 25.
Parveen Kumar Bhambri, a spokesperson for the association, said while discussing residential and commercial segments, it was suggested collector rates of commercial properties be decreased by 30% from the present rates. “This reduction would generate a good amount of revenue from the commercial sector of the city. It is also requested that the proposed hike in the residential collector rate should not be beyond 20%-30% of the existing rate,” he said.
In the case of society flats, the association suggested that the huge increase would bring the market to a total halt, resulting in a loss of revenue to the UT administration. Therefore, collector rate should not increase by more than 20% in the case of flats, said the association.
