The prohibition on bars in hotels and restaurants has additionally decreased the rates of properties in Sectors 26 and 7 on Madhya Marg as the proprietors are offering properties even beneath the gatherer rates of the ranges.
Sources said a SCO (No. 2) in Sector 7 as of late sold for roughly Rs 13 crore, which was just about three times beneath the authority rate (Rs 36 crore) of the zone.
The authority rate is the least sum at which a property is enlisted. It is settled by the Administration. JD Gupta, leader of the Property Consultants Association, said the current case had at the end of the day highlighted the dissimilarity in the market rate and the authority rates, which had been presently turned out to be unrealistic.
He said because of the high authority rates, the land advertise in the city had halted and was creating lost income.
He said at present, the gatherer rates in numerous ranges of the city were excessively higher than the real property rates.
Jagdish Arora, a merchant of Sector 7, said the rates ought to be settled on the premise of the ground reality. He said along these lines, property purchasers were moving to other neighboring states, which was making an incredible income misfortune the Chandigarh Administration.
Vinod Mittal, an industrialist, said a comparable circumstance existed in the Industrial Area, where the market rates of plots were 20 for each penny beneath the gatherer rates settled by the Administration. He said along these lines, very few properties were being sold in the Industrial Area, making hardship industrialists.