Property prices in Chandigarh set to soar

Starting April 1, buying property in Chandigarh is set to become more expensive as the UT administration has proposed a steep hike in collector rates across various property categories. The administration has proposed a nearly fourfold increase in collector rates for residential areas in villages, a 130% hike for properties in Sectors 1 to 12, a 96% increase in Sectors 14 to 37, and an 80% rise in Sector 38 and beyond. According to the draft proposal, collector rates in Industrial Area, Phases 1 and 2, have been increased by nearly 30%, while a 20% hike has been proposed for SCOs, SCFs and bay shops on Madhya Marg, in Sector 22, Sector 34, and the road separating Sectors 35 and 34. “The proposed collector rates, including a 33% increase from ₹62,599 to ₹83,000 per square yard in Industrial Areas, are highly inflated and disconnected from actual market rates.