Realtors seek delay in Chandigarh's new property rates

Chandigarh's Property Consultants' Association met with Deputy Commissioner Nishant Kumar Yadav to discuss the recent increase in collector rates for properties. The group is asking for a four-month grace period before these new rates take effect on April 1. They believe this delay would benefit buyers and sellers who have already made agreements to sell properties. The administration announced the new collector rates on March 5 and is currently seeking public feedback until March 25. Parveen Kumar Bhambri, a spokesperson for the association, expressed concerns regarding the impact of these hikes on both residential and commercial properties. The association is proposing a 30% reduction in collector rates for commercial properties. They argue that lower rates could generate more revenue for the city's economy. Additionally, they suggest that increases in residential rates should be limited to 20-30% of the current rates. For society flats, the association warns that a significant increase could freeze the market and lead to revenue losses for the administration. They recommend that any increase in collector rates for flats should also be capped at 20%.