Property Tax
The standing committee has permitted to implement the new property tax rules for properties in Mumbai. Before, the property tax in Mumbai was calculated based on the rental value of the properties. In the new property tax system, the value will be based on the actual property value and not the rental value. In the [...] Continue Reading »
The Ooty municipal officials have disconnected water supply to at least six of the government buildings in Ooty town. This step has taken as those properties were failed to clear the property tax in stipulated time. The municipality has short-listed at least 18 government properties for which property tax has not yet been paid. Many [...] Continue Reading »
Total 44,701 property holders in Pimpri Chinchwad availed the benefit of property tax concessions given by the civic body for people who paid their tax for 2011-12 in advance before June 30. The property tax department offers three types of tax concessions to city property holders who pay their tax before June 30. 10% concession [...] Continue Reading »
The Gautam Budh Nagar district administration has proposed to hike the circle rates of property in Noida by 10-30%. The authority of the finance department has granted a preliminary approval to the new rates. Circle rate is the minimum rate at which stamp duty is charged on transaction of a property. And the authority has [...] Continue Reading »
Bruhat Bangalore Mahanagara Palike (BBMP) has identified sources from where it is losing revenue. In a survey to reassess buildings in tech parks for property tax at Mahadevapura revealed that the Palike has been cheated of crores by commercial and IT buildings, which do not pay tax according to the law. BBMP found that 10 [...] Continue Reading »
The revenue department of Delhi is going to introduce electronic registration system of sale deeds of properties in Delhi. The municipality will start this electronic system of registration from the Mehrauli sub-registrar office in south Delhi, which covers a large part of south Delhi. Buyers of properties will now be able to take online appointment [...] Continue Reading »
It is stated by the builders that the delay in getting clearances for projects is the main reason for escalating the cost of apartments in India. Normally it takes a few months to a couple of years for most projects to get approval. The Chennai Metropolitan Development Authority (CMDA) has introduced the green channel clearance [...] Continue Reading »
Department of Local Bodies in Chandigarh has proposed to charge 10% power bill as property tax for the property owners in urban areas of the state. The government has planned to calculate the amount of property tax based on the power consumption by the owner, not be based on the size of the property. The [...] Continue Reading »
Documented property registration in Mumbai, Thane and Pune divisions fell in the last financial year. As per a rough estimate by a real estate analysis firm, at least 40,000 flats have remained unsold in Mumbai and Navi Mumbai areas. The actual number could be higher than that. Though, the amount of stamp duty collected by [...] Continue Reading »
The Nagpur Municipal Corporation (NMC) has planned to fast track the re-valuation and assessment work of properties in Nagpur for tax purposes pending for last many years. This delay is causing lot of inconvenience to the citizens and also losses to NMC. The department is waiting to finalize the decision on property tax based on [...] Continue Reading »
