THE SLUMP in the real estate market has again forced the district administration to reduce collector rates of both the residential as well as commercial properties up to around 15 per cent.
It is for the second time that the rates have been reduced in a span of five months.
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Officials say that the rates have been reduced as the property rates are very high and investors are not coming to the city. The Greater Mohali Area Development Authority (GMADA) is also relieved with the reduction in the rates and they are planning to reduce the reserve price of their properties during the auctions. The collector rates of all the housing projects falling under the jurisdiction of the district have also been reduced.
Speaking to Chandigarh Newsline, former chairman of Mohali Property Consultants Association Shailander Anand said that it was a welcome step as it would help people buy properties in the city. He, however, added that the rates could have been reduced further.
It is for the second time in the last five months that the collector rates have been reduced in the city. The rates were reduced in the first week of January this year. GMADA also reduced the reserve price of properties put up in the auction. The reserve rates were reduced twice in December last year and January this year.