Chandigarh, May 28– The Punjab Government is preparing to revise collector rates for properties across major cities in the state, with the new rates expected to come into effect in the second quarter of the current fiscal year.
This will mark the third hike in collector rates since the Aam Aadmi Party (AAP) assumed office in 2022. Officials say the revision is part of the government’s ongoing strategy to mobilise additional resources without imposing new taxes.
Speaking to The Tribune, Finance Minister Harpal Cheema confirmed that deputy commissioners have been directed to submit proposals for the rate hike, aimed at narrowing the wide gap between collector and market rates. “In many areas, there is a huge difference between the actual market price and the government-notified collector rates. This exercise will bring them closer,” Cheema said.
The move is also intended to curb the use of unaccounted or black money in property transactions by ensuring valuations reflect real market conditions. Officials believe this step will not only promote transparency in real estate but also help fill the state’s strained coffers.
Punjab has set an ambitious target of ₹7,000 crore for stamp duty and registration charges in the current fiscal. Last year, against a target of ₹5,750 crore, the state collected ₹6,200 crore — aided largely by steep hikes in collector rates, including a 100 percent jump in some parts of Patiala.
Previously, DCs used to raise collector rates by 5–10 percent annually based on independent assessments. However, with real estate prices rising sharply in many regions, the government sees a significant upward revision as both necessary and imminent.
“This adjustment is essential to ensure revenue growth and fiscal stability without burdening citizens with fresh taxes,” said a senior government official familiar with the matter.
