The recession-hit real estate business is going to receive a fresh blow because, according to the Punjab Government's guidelines, new collector rates are being levied throughout the district on May 21.
Other than residential plots in urban and rural areas, in the new collector rates being rolled out in Jalandhar on Wednesday, the collector rates of commercial areas, industrial areas, and agriculture sector-related properties are being raised by 10 to 50 percent.
In case sources are to be trusted, Deputy Commissioner Himanshu Aggarwal has not yet cleared all the proposals received by the district administration on implementing the new collector rate. For which a plan has been made to upload the fresh collector rates in software in all the tehsils of the district, including the Sub Registrar-1 and Sub Registrar-2 offices and the Tehsildars' and Naib Tehsildars' offices deputed in all the tehsils.
Punjab had raised the collector rates significantly for the first time on July 6, 2022, and then on August 28, 2023, and in July 2024. Collector rates were raised last year in the district from 8 percent to 66 percent. Here, the maximum collector rate was raised in 66 Foot Road of Pholdiwal locality, which is being treated as a hot property business, where previously the collector rate was Rs 1.50 crore per acre, which was raised to Rs 2.50 crore per acre in 2023, then later on in 2024, the new collector rate of property here was raised to Rs 3 crore per acre. It has been invested directly at Rs 4 crore per acre.
Collector rate to rise for the fourth time in 3 years -
The collector rates hiked last year are being revised, and new rates are being introduced, which will come into force with immediate effect from Wednesday. If reports are to be believed, following the orders of the Deputy Commissioner, except Sub-Registrar-1, Sub-Registrar-2, except Tehsil Nakodar, Tehsil Shahkot, Tehsil Phillaur, Tehsil Adampur, Sub-Tehsil Kartarpur, Sub-Tehsil Bhogpur, Sub-Tehsil Mehatpur, Sub-Tehsil Lohia, Sub-Tehsil Goraya, Sub-Tehsil The task of collecting new collector rates is going to begin in full swing. From May 21, all the registrations in the district will be carried out at the new rate alone.
It is interesting to note that attempts to modify collector rates have been under way in the district for the past 2-3 months. Now, following the hike in collector rate in the district, property purchasers will have to pay higher fees by way of stamp duty at the time of registration.
The new collector rates prepared by the revenue officers have been forwarded to the Deputy Commissioner after the approval of the respective SDM and Additional Deputy Commissioner, and after receiving the seal of the Deputy Commissioner, now NDRS is available in all tehsils and sub-tehsils. New rates will be uploaded in the software. With this, online payment of stamp duty and registry charges will begin at the new rate rather than the previous collector rate.
Khasra numbers of every area will also be uploaded in the new collector rate. The Punjab Government will be entrusting the registration job to the Facilitation Centers, because of which, at the time of implementation of the new collector rate, along with the collector rate of an area, the information of the Khasra number will also be noted down. If the collector rates of the properties are to be tagged area-wise and by Khasra numbers, then it will be extremely easy for the service center employees, including the sub-registrar offices and Tehsildar office. While filing the service center employee registry, the moment the Khasra number of the involved property is typed in the computer, the collector rate will come before it.
Collector rates for the properties throughout the district were raised by 10 to 25-20 percent in 2023-2024. However, this time the collector rates are being raised by 10 to over 50 percent. Currently, the new and existing collector rates pertaining to these areas of the district are as follows:
- Foldiwal residential is Rs 2.50 lakh per marla, 66 commercial is Rs 5 lakh per marla, and agricultural land has been raised from Rs 3 crore per acre to Rs 4 crore per acre for the main road properties, while normal proposed rates will be 1 crore.
- The revised collector rate of agricultural land in Pratappura is being raised from Rs 1.50 crore to Rs 1.80 crore per acre.
- In Model Town, the collector rate of a residential property has been raised from Rs 9.20 to Rs 12 lakh per marla, and the collector rate of a commercial property has been raised from Rs 15 lakh to Rs 20 lakh per marla.
The cost of residential property in Adarsh Nagar that is Rs 9 lakh per marla will turn into Rs 10.20 lakh per marla after the introduction of the new collector rate, whereas the cost of commercial property in Adarsh Nagar has risen from Rs 10.50 lakh to Rs 12 lakh per marla.
- Residential property has been raised from Rs 9.20 lakh to Rs 10.20 per marla, and commercial property has been raised from Rs 10.50 per marla to Rs 12 lakh in New Jawahar Nagar.
- The industrial land in the industry area has been raised from Rs 2.30 to Rs 2.60 per marla.
- Property collector rate in the New Dana Mandi locality has been raised from 9.20 to 10.20 marla.
- The rate of residential property has been raised from Rs 6.90 lakh to Rs 7.60 lakh per marla in Shakti Nagar, and the rate of commercial property has been raised from Rs 10.50 to Rs 12 lakh per marla.
- In Saidan Gate, the traditional part of the city, the rate of residential property will now go up from Rs 4 lakh per marla to Rs 4.40 lakh per marla, whereas the commercial property collector rate is being raised from Rs 10.50 lakh to Rs 12 lakh per marla.
- The residential land rate on Tanda Road has been raised to Rs 3.80 from Rs 3.45 per marla, and that of commercial land has been raised to Rs 10.20 lakh from Rs 9.20 lakh per marla.
- The industrial land price in the industry area has been raised to Rs 2.60 from Rs 2.30 per marla.
- In Shakti Nagar, the residential property rate has gone up from Rs 6.90 lakh to Rs 7.60 lakh per marla, whereas the commercial property rate has been raised from Rs 10.50 to Rs 12 lakh per marla.
- In Urban Estate Phase 1 and Phase 2, the collector rate of residential property has been raised to Rs 6.50 lakh per marla from Rs 5.75 lakh per marla, and of commercial property has been raised to Rs 14 lakh per marla from Rs 10.50.
- In Saidan Gate, the ancient part of the city, the residential property rate will now go up from Rs 4 lakh per marla to Rs 4.40 lakh per marla, whereas the new collector rate of commercial property is being raised from Rs 10.50 lakh to Rs 12 lakh per marla.
- Residential property rate on Tanda Road has been raised from Rs 3.45 lakh to Rs 3.80 per marla, and that of commercial property has been raised from Rs 9.20 lakh to Rs 10.20 lakh per marla.