In Kharar the property prices are about to increase says reports

Property prices are about to increase

According to recent reports and analysis of real estate experts, it’s clear that property prices in Kharar is about to increase because recently district administration has decided to hike collector rates.

It is clear that all the societies, colonies and villages which will come under the authority of municipal council of Kharar will witness the price rise soon. According to new collector rates, which are increased by district administration, if you were paying Rs 7, 000 for one square yard, so after new collector rate you need to pay the amount of Rs. 7, 500 for one square yard which is Rs. 500 more. However the empty land has noticed almost double hike as previous rate per acre in the village name Aojla was Rs 44 lakh but now you have to pay Rs 80 lakh for the same area on same location. However the land in the same location or same village which is besides the river will not priced on Rs. 30 laks instead of the earlier price of Rs. 15 lakh. All the residential plots are now at Rs 1.48 lakh per marla instead of Rs 1.32 lakh per marla.

What is Collector rate?

When it comes to what is Collector rate? So in simple words we can say that it is basically floor price which is based on certain factors such as; registration of the property and more. As per the anonymous sources which was from Kharar MC, informed that last week collector rates for Mohali town has also increased however; the decision to increase the floor price or collector rate had been sent to state government for approval. It is well known thing that increased collector rates in urban areas will directly affect the real estate market in few areas; such as; Derabassi, Zirakpur, Kurali, Kharar, Lalru and Mohali as in these area a lot of construction work is underway.

As per the official statement, it is normal procedure as amount of the collector rate increased every year as per circumstances and it also depends on the mean average value of property registration of last year. As per the JP Singh, who is one of the property expert and president of Market Association of Mohali, stated that Now it will be difficult situation for buyers to find property in affordable price and it will be also difficult to find buyers for property due to high rise in property prices in past couple of years.

So there are chances that residents or property wishers will postpone their decision to invest in property market, as it clear that official decisions are again going to affect real estate market in Kharar and Mohali region.