• Source:JND
Add as a preferred

Faridabad Collector Rate Increase: In a major relief for those planning to but houses, flats, or lands in Delhi-NCR's Faridabad, the Haryana government has announced that the Collector rates will not be increased in the district from August 1.

Instead, the government will announce a new date. Earlier on Thursday, the state government had issued a notice to increase the collector rates from August 1. The government notice created a stir in the property market, drawing strong opposition from the people.

The state government had proposed to increase the rates by 10 to 25 per cent in the industrial city. The increase in the collector rates was to hit the residential, commercial, industrial, and institutional land by 25 per cent. This would have a direct impact on those who want to get the land registered. The increase was to be applicable in all three tehsils and five sub-tehsils in the district.

The important thing is that the list of proposed collector rates has not been made public yet. Whereas, as per the rules, after making the rates public, objections and suggestions are sought from the general public for a month. This was happening for the first time when objections and suggestions were not sought and because of which, the general public, including property dealers, were upset.

ALSO READ: Gurugram: DTPE Issues Restoration Orders To 60 Houses Of THIS Area; Will They Get Demolished? Details

What is collector rate?

Collector rate is the minimum price of land in any district at which a real estate property can be sold to a buyer. It is generally called as circle rates in other parts of the country. Property registration takes place in the tehsils at this rate. The collector rate is changed from time to time by the government according to inflation.

After the hike in collector rates was stayed by the government, it was welcomed by the stakeholders. Akash Gupta, President, Faridabad Estate Agents Welfare Association, said, "We welcome this decision of the government. The government has accepted our demand. Every year, the collection rate used to increases either in April or January. Dealers buy and sell accordingly. It was wrong to suddenly increase the collector rate from August 1 by giving a week's time."

ALSO READ: Delhi–Dehradun Expressway Update: Gadkari Says Project to Be Completed by THIS Date | Check Deadline

"Deals and negotiations are going on for the purchase and sale of a large number of properties in the city. All these deals would have been cancelled. This would have brought down the property market drastically. Transactions worth crores of rupees would have stopped. This time, the government did not even make the list of rates public, nor did it seek objections or take suggestions from anyone. We demand that the collector rates should be made public a month in advance, and then, after taking suggestions, they should be implemented," he added.