Serviced apartments under commercial property tax net
Serviced apartments is right now one of the major real estate attraction in Bangalore city.
Meanwhile, the property tax department had requested state government to add serviced apartments under commercial property tax net.
This plan was a seeded by namma Bruhat Bangalore Mahanagara Palike’s (BBMP). The process is right now on hold!
Having a rough data of number of serviced apartments in Bangalore city alone, BBMP has planned to generate Rs 130 crore. However, the palike ended up collecting revenue of Rs 7.5 crore.
Now, that BBMP is busy completing the Property Identification Data (PID) project, very soon the hidden serviced apartments and commercial complexes will come under property tax net!
More related stories:
BBMP planning to treat service apartments as commercial property
Service apartments to be launched by Assotech Realty
Serviced apartments demand increases in Bangalore
Source: IBN Live
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