Chandigarh :
Property prices in Chandigarh are set to rise again as the Chandigarh Administration has initiated the process to revise collector rates across the city. A meeting chaired by Deputy Commissioner Nishant Yadav approved the formation of a committee to finalise the revised rates.
According to officials, a proposal has been prepared to increase collector rates by 30 to 60 per cent depending on the area. A draft notification is expected to be issued next week, inviting suggestions and objections from the public.
The administration plans to implement the new rates from April 1 after reviewing public feedback and issuing a final notification. Collector rates were also revised last year, and prior revisions were carried out in 2021 and 2017.
Sources indicate that agricultural land rates in rural areas may see a three- to four-fold increase under the new proposal, while rates in several urban sectors could rise by up to 1.5 times. Since stamp duty and registration charges are calculated based on collector rates, the proposed hike is likely to make property registrations more expensive, directly impacting buyers and the real estate market.
There is also a possibility of opposition from certain organisations and property owners once the draft notification is released.
