August 18, 2010 4:25:56 am
Registration of land and built-up property has got costlier in Mohali with the collector rates going up by 20 per cent on an average across the district. The revised rates will come into force with effect from September 1.
The decision to hike the minimum rates fixed for registration of property with the Revenue department was taken at a special meeting of the department’s district officials,chaired by District Collector Parveen Kumar,here on Tuesday.
While the rates have been increased by 11-14 per cent in Mohali city,an increase ranging between 10 and 30 per cent has been made in rates in other urban and rural areas across the district. The rates for registration of built-up flats in Zirakpur have gone up by 10 per cent. In Mohali city,the present rates have been hiked from Rs 11,000 to Rs 14,000 per square yard.
Confirming the decision,Kumar told Newsline that depending upon the potential of the area and market price of land,the minimum rates fixed for registration of property have been revised.
The revision was made according to the directive of the office of Punjab Financial Commissioner (Revenue) issued to all district collector across the state.
This is a routine annual exercise,which is done once every year,and this revision is for the current fiscal 2010-11, said Hira Singh Sodhi,Under Secretary,Revenue.
But what has evoked public criticism is the fact that the rates have gone up within six months of the previous hike in February. That was for last fiscal, said Sodhi.
The revision in rates was felt after the land acquisition rates went sky high with the landowners in even remote villages of Mohali getting a whopping Rs 1.5 crore per acre.
What is collector rate?
The collector rates are minimum rates below which no property could be registered. However,there is no maximum ceiling. As a general practice,buyers opt for getting property registered at the minimum fixed rates irrespective of the actual property rates.
For registration of property,the buyer has to pay five per cent stamp duty,three per cent social security fund and one per cent registration fee in urban and semi-urban areas; in rural areas,there is no social security fund. For women,the stamp duty is lowered to three per cent.
Property dealers oppose move
Mohali Property Consultants’ Association has opposed the hike and sought special incentives to attract more buyers,especially in Mohali city. Even the allotment rates recently hiked by GMADA in Mohali are Rs 12,000 per square yard,while collector rates have been hiked to Rs 14,000 per square yard, said the association in a memorandum submitted to the sub-divisional magistrate,seeking reconsideration of the in larger public interest.
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