Revised collector rates notified in Mohali, realtors unhappy

The revised collector rates for the registration of land and built-up property in Mohali have been notified. Approved by District Collector Parveen Kumar here on August 17, the new rates will come into force from September 1.

While the minimum rates for residential and commercial property in the city have been increased by 27 per cent, around 20 per cent hike has been effected in the registration rates for industrial property.

As per the prescribed rates, residential property, which could be registered at the minimum rate of Rs 11,000 per square yard till August 31, would not be registered below Rs 14,000 per square yard from September 1 onwards.

The minimum rate for registration of commercial property has been increased from present Rs 55,000 per square yard to Rs 70,000 per square yard.

In case of industrial property, the minimum registration rates for those measuring up to 1,000 square yards has gone up from Rs 5,500 per square yard to Rs 6,500 per square yard while those above 1,000 square yards has increased from Rs 3,300 to Rs 4,000 per square yard.

However, no hike has been made in the registration of industrial property in Bulk Material Market in Phase XI here, where the rate will remain same at Rs 30,000 per square yard.

For the built-up residential property, the rates have been increased from Rs 600 to Rs 650 per square feet for those constructed up to 10 years back; Rs 450 to Rs 500 per square feet for those more than 10 years old; and Rs 350 to Rs 400 per square feet in rural areas.

For the built-up commercial property, the new constructions up to 10 years old will be charged Rs 650 per square feet instead of present Rs 600 per square feet, and those more than 10 years old will be charged at Rs 500 instead of present Rs 450 per square feet.

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