Real estate developers fume over high increase in collector rates, state level meeting at Ludhiana on July 28th

Real estate developers fume over high increase in collector rates, state level meeting at Ludhiana on July 28th

Roger Pettingell Sarasota Real Estate

The businessmen majority of whom are doing business in South City, Hambran Road and Canal Road have decided to call a statewide meeting on July 28th at Ludhiana.

LUDHIANA: Trouble is brewing for the state government as large number of real estate developers, property dealers, deed writers and associated persons on Tuesday held a meeting at a resort in Ludhiana against the high increase in the collector rates in Punjab recently.
The businessmen majority of whom are doing business in South City, Hambran Road and Canal Road have decided to call a statewide meeting on July 28th at Ludhiana in which they will decide their next course of action which probably is going to be series of protest.
Addressing the gathering Gurinder Singh Lamba, state president of the Colonisers Association said “Ever since Aam Admi Party (AAP) government came into power in the state it has taken one after another decision against the real estate business, the latest being high increase in the collector rates. During the tenure of previous governments also there used to increase in the collector rates but that was nominal and usually in the range of 20 to 30 percent and it was tolerable by us. But in a never before seen jolt for our businesses, the present government has increased the collector rates by 300 to 500 percent which has not only hit the public but also hit the revenue of the state as registries are not being done by the buyers and sellers”
Giving more information, prominent coloniser Harkinder Singh Grewal said, “It would be in the best interest of everyone if state government forms a committee comprising of officials and real estate businessmen so that the collector rates can be increased only in the right proportion after assessing the on ground situation. If this is not done at the earliest the businessmen into realty business will have to shut down their businesses and explore the business opportunities in neighbouring states where there is conducive environment for realty business. Today’s meeting was also organised to take stock of the preparations for the July 28th state level meeting of real estate developers, colonisers, property dealers of Punjab at Ludhiana in which thousands of businessmen and persons associated with this trade will participate to decide next course of action”
Some of other prominent real estate developers who addressed the businessmen included Kamal Chaitley, Mahesh Goyal, Deepak Badiyal, Mohinder Goyal, Jagjeet Singh, Narinder Goyal, Rupinder Tikka.

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