MOHALI: Property prices in Kharar are set to rise, as the district administration has decided to hike collector rates. Colonies, societies, and villages which are approved by the municipal council of Kharar have witnessed price rise. As per the new collector rates, if you were paying Rs 7,000 per square yard, now you have to pay Rs 500 more.
Empty land has witnessed almost double hike, as the previous rate per acre near village Aojla was Rs 44 lakh and now you have to pay Rs 80 lakh for the same. And land in the same village besides the river bed is now priced at Rs 30 lakh, instead of Rs 15 lakh, which was the old rate. The residential plots - which were Rs 1.32 lakh per marla, are now Rs 1.48 lakh per marla.
Collector rate is basically the floor price on the basis of registration of the property. Sources in Kharar MC informed that the decision to increase the collector rate had been decided, and the proposal sent to the state government for approval. Last week, the collector rates in Mohali town had also increased. A hike in the collector rates in urban areas would directly affect the real estate business in Zirakpur, Kharar, Derabassi, Lalru, and Kurali, besides Mohali, where a lot of construction work is going on, said a property expert.
An administration official said that the amount of the collector rate always increased every year, by taking the mean average value of last year's registration of property. JP Singh, a property expert and president of the Market Association of Mohali, said: "Now, it is becoming difficult to find buyers these days, as there is already a property slump going on for the past couple of years."
So, for the time being, residents or property wishers should postpone their decision to buy property, which again is going to affect the real estate market.