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Chandigarh's real estate market is set for a major shift with proposed collector rate hikes, increasing by up to four times depending on property type and location. Residential sector rates may rise by 42%-128%, while rural residential plots could see a 316% hike. Commercial properties in rural areas face a 438% increase, and industrial land rates in Phases 1 and 2 may jump 32%. Agricultural land rates will now vary by location instead of uniform pricing. These steep hikes could reshape investments and land valuation, significantly impacting buyers, sellers, and developers in Chandigarh's real estate market.
The real estate market in Chandigarh is set to undergo a major transformation as the government moves forward with a plan to significantly change collector rates. The newly issued draft collector rates, which have been put forth for public feedback, suggest an increase of up to four times, depending on the property type and location. The finalized rates are set to be enforced in the coming weeks, with authorities allowing public feedback before announcing the final schedule. Advertisement
The most notable surge is projected in the residential sector, particularly in rural areas. Within the city's sectoral grid, proposed collector rate increases range from 42% to 128%. Currently, rates for plotted developments in these sectors vary between INR 70,424 and INR 78,250 per square yard. However, the revised rates could range between INR 1,28,200 and INR 1,78,600 per square yard.
For rural residential properties, a sharp rise of 316% has been suggested. The collector rates for abadi deh residential plots are expected to jump from INR 12,870 per square yard to INR 53,600. Meanwhile, commercial properties in rural areas may experience an even steeper hike of 438%, with proposed rates rising from INR 26,770 to INR 1,44,100 per square yard.
Industrial properties are also set to see significant changes. In Industrial Area Phases 1 and 2, the proposed hike stands at 32%, pushing rates from INR 62,599 to INR 83,100 per square yard. Additionally, Industrial Area Phase 3, which previously had no collector rate, will now have a fixed rate of INR 62,600 per square yard for the first time.
Another major revision is seen in the agricultural land segment. Unlike the previous uniform pricing, the administration has proposed differential rates based on location. For agricultural land above 2 kanals, proposed rates include INR 3,22,27,700 per acre in Manimajra, INR 2,73,48,900 per acre in Raipur Khurd and Behlana, and INR 1,88,37,400 per acre in Mauli Jagran, Hallomajra, Daria, and Raipur Kalan. Other locations like Sarangpur, Khuda Lahora, Dhanas, and Khuda Jassu may see rates of INR 2,01,30,500 per acre, while Maloya, Dadu Majra, and Shahpur Choliyan are proposed to have rates of INR 1,90,74,000 per acre.
For agricultural plots under 2 kanals, the highest proposed rate is INR 4,02,900 per marla in Manimajra, followed by INR 3,41,900 per marla in Raipur Khurd and Behlana. Other regions, such as Mauli Jagran, Hallomajra, Daria, and Raipur Kala, may see rates of INR 2,35,500 per marla, with Sarangpur, Khuda Lahora, Dhanas, and Khuda Jassu at INR 2,38,500 per marla.
The proposed collector rate hikes in Chandigarh mark a pivotal shift in the city's real estate market, with significant implications for buyers, sellers, and developers. The steepest increases in rural residential and commercial properties could reshape investment patterns, while the introduction of location-based agricultural rates signals a move towards more structured land valuation.
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