Reduction in Collector Rates at Least 50% in Chandigarh: K S Panchhi

By Tricitynews Reporter

Chandigarh 02^nd September:- Kamaljit Singh Panchhi, President of Chandigarh Traders Association Sector 17 & Advisor Chandigarh Beopar Mandal in a statement said that Chandigarh Administration must reduce Collector rates Chandigarh.

Kamaljit Singh Panchhi mentioned that the collector rates in UT are abnormally high and unrealistic than the prevailing market price. This serious anomaly has resulted in a complete breakdown of all transactions related to property in Chandigarh. The properties in the market are available at less than half of the price of current collector rates.

Kamaljit Singh Panchhi further said that the Punjab Govt. has reduced the collector rates twice in last nine months resulting steep difference in our rates and their rates. The large gap in property prices in adjoining tricity has prompted the business establishments to migrate which directly mean revenue loss to exchequer. It is also worth to note that after the Demonetisation, the value of property has crashed further by 40 to 50% and hence there is dire need to review collector rate in Chandigarh without any further delay.

Kamaljit Singh Panchhi urges the Administrator UT Chandigarh to reconsider the rates for conversion of residential property from lease hold to free hold proposed by the Chandigarh Administration. Also requested to kindly look into the matter and reduce the collector rates by at least 50% because Chandigarh Administration is taking the collector rates of properties as base for the calculation of conversion fees, whereas the collector rates fixed by the administration are already on the higher side which will help the citizen of Chandigarh to finalize the deals which are already stuck up due to high collector rates. By reducing the collector rates even the Administration will earn crores of Rupees in the shape of stamp duty. Early action in this regards will be highly appreciated.