Chandigarh administration has reduced the collector rates by just 10% and 5% in commercial and residential categories, respectively.
The collector rates of industrial and agricultural properties remain unchanged. Last year, the administration had reduced the rates by up to 20% in both residential and commercial categories. The collector rate is the lowest at which a property is registered. It is fixed by the administration and revised every year.
The collector rate of SCO\SCF in Sector 17 has been reduced to Rs 5,83,783 per square yard from Rs 6,48,648 per square yard. The collector rate of commercial properties on Madhya Marg and Sub-City Centre in Sector 34 has been reduced to Rs 4,36,320 per square yard from Rs 4,63,320 per square yard.
The collector rate of residential properties in Sector 1 to 12 has been slashed from Rs 82,368 per square yard to Rs 78,250 per square yard and Rs 78,250 to Rs 74,337 per square yard. For Sector 38 onwards, the rate has been reduced from Rs 74131 to Rs 70424 per square yard.
In addition, buyers have also to pay stamp duty of 3% on collector rates and are also charged Rs 1,500 per square yard as construction charges.
