Hyderabad The stage is set for steep hike in property tax, both residential and commercial properties, with civic officials likely to issue a draft notification on the proposed rates on 12th November, a day before Diwali. The draft notification would be issued next week inviting objections and suggestions from citizens within two weeks time. After the final notification, property owners may have to cough up more property tax, mostly for the second half of the year (October-March). If the rates are approved by the corporation, the minimum property tax for residential properties would be fixed at minimum Rs 0.90 per square feet (sft) and maximum Rs 5. For instance, a resident of Madhapur area, who has been paying Rs 0.93 per sft as property tax, may have to pay Rs 4.06 after the hike. Owners of properties in bylanes, who have been paying Rs 0.84, might have to pay Rs 3.25 per sft. Similarly, residents of Jubilee Hills and Banjara Hills, who have been paying Rs 1.25 till now, would have to pay Rs 5 per sft. Likewise, owners of buildings in bylanes will have to pay Rs 4 against the existing Rs 1.10 per sft. Claiming facilities and rental values in Old City were at par with the other areas of the city, the Greater Hyderabad Municipal Corporation (GHMC) tax wing officials have decided to increase tax in this area also. Property owners of Uppuguda and Gowlipura have been paying Rs 1 per sft and the corporation has proposed to hike it to Rs 2.80 per sft on main roads. In slums and internal lanes, the property tax would be Rs 0.90 per sft. For Old Malkajgiri, which is considered backward as far as infrastructure facilities are concerned, the property tax in bylanes has been proposed at Rs 2.25 from the existing Rs 0.65 per sft. The corporation began the exercise of revision of property tax in June by conducting a rental survey of properties. A committee headed by senior officials, including the special commissioner, reviewed property rates proposed by deputy municipal commissioners and finalised it a few days ago. GHMC officials proposed the rates based on area, usage and building type. They classified the properties into A, B and C categories. ‘A’ category properties are those abutting main roads, while ‘B’ those in bylanes and ‘C’ internal areas and slums. The usages are residential and commercial and building types were broadly divided into RCC and non-RCC types. Source: The Times of India, Hyderabad
Posted on: Mon, 05 Aug 2013 04:20:29 +0000