Property Registration Cost is set to go up in Chandigarh
Real estate prices in Chandigarh are already very high. The cost of property registration is set to go up in Chandigarh. The UT Estate office Chandigarh has begun finalizing a plan to hike collector’s rate. The hike in Land registry cost or collector’s rate a benchmark for sale and purchase of property, would boost property rates, besides resulting in more revenue for the UT by way of stamp duty. Spadework has been undertaken by a committee constituted in this connection. A 20% rise in the rate is being contemplated
A final report will be submitted in the last week of May before it is forwarded to the finance department for approval. An unrealistic collector’s rate results in the administration losing out on several lakhs of rupees every day by way of stamp duty. The value of property is fixed by the administration for various types and sizes of properties.
Last year, estate office had raised collector’s rate for all properties in the UT Chandigarh by 60%, except in the case of rural areas for agriculture. In the latter, 25% enhancement over and above the last collector’s rates has been proposed.
Real estate prices in Chandigarh are already very high and a break in annual revision of the index leads to revenue loss to the state exchequer,’ said an official.
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