Real Estate Chandigarh

Residential and Commercial properties in Chandigarh..

04 April 2006

Collector rate hike irks Panchkula residential property, builders

THE sudden hike in the collector rate — the government-fixed price of land for collection of stamp duty — in Panchkula Residential Property has come as a major jolt to the residents, property dealers and real estate developers.
The hike, about 175 per cent more than the earlier rate, was announced by the Panchkula district administration on March 10. It is feared that the hike would have its toll on the booming property sale and purchase activities in Panchkula.While the previous rate, continuing unchanged for the past 30 years, was Rs 7,000 for one square metre of land in Panchkula, it has now been fixed at Rs 18,000.

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