Punjab To Decrease Collector Rates By 15 Percent

Chandigarh, April 18, 2016: To provide a big relief to property buyers in the State, the Punjab Government has decided to decrease collector rates by 15 percent as directed by Chief Minister Mr.Parkash Singh Badal.
Disclosing this here today, Punjab Revenue Minister Mr.Bikram Singh Majithia said that all the Deputy Commissioners have been directed to convene a meeting with all stake holders to undertake necessary steps for revising these rates @ 15 percent. He also asked them to publish new collector rates on official website besides putting on notice boards in Sub-Registrar offices thereby giving wide publicity. He said that this step was aimed to rejuvenate real estate and housing sectors.
It may be mentioned here that under Rule 3-A of Punjab Stamp (Dealing of under Valued Instruments) Rules, 1983, for registration of lands the right to fix collector rates every year is with concerned Deputy Commissioner. Keeping in view the various aspects and location of land the rates are being fixed as per the advice of a committee comprising of representatives of various departments. The Deputy Commissioners generally fixes these rates once in a year in the month of March and are being implemented from April.