After the liquor ban in Chandigarh, Madhya Marg Property rates reduce in Chandigarh in Sector 26 and Sector 7 on Madhya Marg road. Almost all the owners of the restaurants and hotels are selling their properties below the collector rates of the area.
Property Details after Liquor ban in Chandigarh
Recently, the owner of SCO 2 in Sector 7 sold the property of approximate 13 crores whereas the collector is 36 crores, just look at the difference between the two. The liquor ban in Chandigarh has been affected to a great extent. Otherwise, the collector rate is meant to be the lowest amount at which a property is registered. The collector rate is fixed by the Administration which now shows the disparity between the market rate and the collector rate.
Due to the higher rates of collector rates, the Real Estate industry had come to a stop causing loss of revenue. In many areas the market rate and collector rate don not commensurate with each other. The rates of the areas should be fixed on the basis of ground reality. This is the main reason most of the owners are shifting to some other states and causing a major loss in revenue of Chandigarh Administration.
Even in Industrial area, the market property rates were 20% below the collector rates fixed by Administration, because of this many properties was being sold and causing difficulties to industrialists. Hope everything gets fine as many sectors are being affected by the liquor ban in Chandigarh. Madhya Marg Property rates reduce in Chandigarh after the Liquor Ban Supreme Court orders. The Supreme Court to hear a plea against denotifying the road and then everything will be the same. The party lovers will be happy to get their booze back in the city at the most happening places in Sector 26.