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This is an archive article published on April 11, 2010

Hike in collector rates fails to deter land buyers

More than a week after new collector rates became applicable in the township,over 40 sale deeds have been registered with the office concerned.

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More than a week after new collector rates became applicable in the township,over 40 sale deeds have been registered with the office concerned. The sharp increase in rates not posing as a deterrent,the number has increased compared to the last year’s data till date.

The administration has hiked the collector rates by a whopping 33 per cent. The number of deeds registered in urban areas is approximately 34,with the remaining in rural areas. Last year,the number was around 30,with 24 in urban area. Officials in the administration say the sharp contrast between market price and collector rate still has investors willing to pay the amount.

“The market price of land is still very high compared to which the hike in collector rate seems insignificant. Besides,people who are buying property worth crores do not mind giving high stamp duty on the same,” said an official. While the new prices for urban areas have been hiked between 33 to 36 per cent,for rural areas,the same is between 20 to 150 per cent. These have been decided keeping in view the location and the market price of the land. The new price of Sectors including 6,7 8,9 and MDC is Rs 32,000 per sq metre,which is an increase of 33 per cent. An increase of 36 per cent has been done in the collector rates of Sectors 2,4 10 and 11. The property is being registered at the rate of Rs 30,000 per sq metre.

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