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Property tax in Hyderabad will be revised

GHMC has planned to revise the property tax rates for the property in Hyderabad. The owners of the real estate property in Hyderabad are expecting the general revision of property tax , which will be implemented in the next financial Year.

According to sources, the GHMC has set a target to collect Rs 1000 crore from the property tax in this year.

The present rate of property tax is minimum of 50 to 60 paise per sq ft for residential buildings and a maximum of Rs 1.25 per sq ft, while for commercial properties the tax rate is between Rs 5 and Rs 20 per sq ft depending upon the area.

Now GHMC plans to revise property tax rates based on locality , building type, usage and rental value.

Builders are protesting against any increase in tax structure as they are not getting proper quality of services from the local bodies.

More related stories:

Impact fee rates reduced in Gandhinagar

Pune has collected Rs 14.5 crore from Property registration

Source: Economic Times

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