To check the registry of property at under-value rates, Mohali district administration today hiked the collectors’ rate, a benchmark for the sale and purchase of property.
The increase, varying from 10 per cent to 15 per cent, is effective from 8 Feb 2010.
For urban property there is a 10 per cent hike in the collector rates, in the rural areas, the rate has been hiked by 15 per cent.
The collector rate in urban areas had been increased from Rs 10,000 per sq yard to Rs 11,000 per sq yard. The collector rate to calculate the stamp duty on the old and new construction in urban area has been increased by Rs 50 per sq ft as compared to previous rates.The collector rates in rural areas under acquisition were less than the land acquisition compensation of Rs 1.50 crore an acre being paid by the state government.
For commercial and industrial property, the collector rate has been increased from Rs 50,000 per sq yard to Rs 55,000 per sq yard and Rs 5,000 per sq yard to Rs 5,500 per sq yard.
With eight per cent stamp duty, registering the sale deed of one kanal plot would now cost Rs 4.40 lakh against Rs 4 lakh, earlier. For a 10 marla plot, the hike would be around Rs 20,000. Similarly, a 121 sq yard commercial plot would now cost the purchaser dearer by Rs 50,000.
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