Pay property tax three years in advance!
Every new residential launch in Mumbai has to undergo tough time!
The real estate developers in Mumbai should pay property tax for three year well in advance if they want to take up any new construction project.
Again, this will give raise to increase in prices of apartments in Mumbai. So, property buyers get ready to bear the burnt of high apartment prices in Mumbai.
The tax arrears till date has recorded to exceed amount of Rs 6,000 crore kept pending to be paid by the housing societies, commercial establishments and builders in Mumbai city.
Also, the new property tax payment norm will eradicate the issue of property buyer being cheated from builder faking the tax payments.
Pay three years property tax and advance and commence with the apartment construction project, if not no new launches will be approved says Maharashtra Minister of State for Urban Development.
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Source: The Hindu
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