Cyberabad to charge extra Value Addition Charges
Hyderabad- If you are planning to construct a house or want to purchase a flat or villa in Cyberabad areas, then you have to cough more money as compared to other parts of the city.
The extra money comes in the form of Value Addition Charges (VAC) which has been fixed as an additional tax. It is applicable for areas which fall under Cyberabad Development Authority- Madhapur, Hitec City, Serilingampally, Gachibowli, Nanakramguda, Gopanapally, Guttala Begumpet, Kanamet and Raidurg Navakalsa.
Besides regular building fee payable to Greater Hyderabad Municipal Corporation (GHMC), the residents of these areas will also have to pay Rs 100 per sq mt for every square metre of built up area.
The residents of Cyberabad are not happy with this move as the civic body is not spending additional money to develop infrastructure in Cyberabad.
The government has recently reduced the Value Addition Charges from Rs 414 per sq mt to Rs 100 per sq mt. In 2001, the government started to impose VAC as “special additional charges”. It was taken up to develop high-level infrastructure like big and wide roads in Cyberabad Development Authority (CDA).
In the same year, the government issued GO Ms, No. 538 in view to impose VAC with seven percent enhancement every year. This government order was notified as the master plan of CDA which is no more exiting after the formation of GHMC in April 2007.
Now, GHMC is responsible to collect VAC and it is doing so. Few residents of Cyberabad have demanded all details of money collected through VAC till date and the money spent for development of Cyberabad to be published on a white paper.
Click here for related forum discussion
Related Real Estate News:
GHMC all set to double residential property tax
Flats in Rajiv Gruha Kalpa colonies vacant; poor civic facilities
Hyderabad witnesses hike in property registrations
CDA, Cyberabad Development Authority, GHMC, Greater Hyderabad Municipal Corporation, Hyderabad, residents of Cyberabad, VAC, VAC in Gachibowli, VAC in Hitech City, VAC in Madhapur, Value Addition Charges
