East Corporation moots hike in property tax
Dec 10, 2013
Source : The Times of India

 

DELHI: East Delhi Municipal Corporation Commissioner's second annual budget speech read almost the same as the last with not much to offer. He proposed an increase in property tax (50 percent increase in base unit area value) and four new taxes.

However, with Delhi witnessing a hung assembly and Lok Sabha elections slated for April, this budget is unlikely to be cleared. Struggling with funds, S Kumaraswamy, the commissioner, said if the corporation must take up new projects, taxes have to be raised to boost revenue. He also talked about status of projects taken up last year.

"It's time to increase the taxes. We are also working on a proposal to bring in properties in unauthorized colonies within tax ambit. Through unique property identification code, more tax payable properties will be identified and the revenue will increase," said Kumaraswamy.

BJP leaders in the corporation announced after the budget speech that no taxes will be hiked. "No charges will increase as the residents are already suffering due to price rise. BJP will not burden them," said BB Tyagi, leader of the House, East Corporation. Even the opposition, Congress, is with the BJP on this issue.

To improve sanitation, the corporation is planning to establish a construction and demolition waste processing plant in Shastri Park with a capacity of processing 500 metric tonnes per day. Trapping of methane at a sanitary landfill site in Gazipur has already been initiated by Gas Authority of India by installing bore wells vertically and horizontally. A teachers training institute at Dilshad Garden is likely to be completed.

Digital display boards will be set up on the corporation buildings like headquarters, zonal offices, big hospitals. For this a provision of Rs 10 lakh has been earmarked.

Working from DSIIDC building in Patparganj Industrial area, the corporation has decided to construct its own headquarters at CBD ground in Shahdara. Land measuring 10 acres is being provided at Rs 32 crore by DDA. Other infrastructure projects include two mini-stadia and one indoor games complex in Mukesh Nagar at Rs 18 crore.

To provide better civic services to the residents, the commissioner has proposed to create municipal office in every zone. "At present there are only two zones providing services to over 20 lakh citizen and handling 64 wards. But it is felt that to reach to the residents more offices will be created," said Kumaraswamy.  

Latest Realty News

30% rebate on property tax in Gurgaon before Dec 10
Dec 09, 2013
DELHI: The MCG is offering special rebates on pending property tax amounts to residents who choose to make their payments before December 10. According to officials, discounts of up to 30% will be offered to property owners within this grace period.
Delhi tenants can’t fix space usage in Delhi
Dec 09, 2013
DELHI: No tenant can dictate usage of space to the house owner, a trial court has observed while ordering eviction of a tenant from the house of a 65-year-old handicapped widow in Nizamuddin.
What slowdown, ask new realty developers
Dec 09, 2013
DELHI: Unfazed by the slowdown in the property market, companies from assorted sectors are rushing into it. As many as 20 small companies have entered the segment in the past two-three years and many are firming up plans to make an entry soon.
Polls outcome floats wave of positive sentiments in real estate and industries
Dec 09, 2013
NOIDA/GHAZIABAD: The four states polls outcome have floated a new wave of expectation in the UP' industrial and real estate sector. The experts believe that the clear mandate will lead to economic growth. The experts believe that the market is sentimental and will respond very soon, that possibly breach all time high.
Bangalore real estate gets maximum PE investment
Dec 09, 2013
DELHI: Bangalore's realty market received the maximum private equity investment of nearly Rs 2,000 crore in the country during January-September 2013 with increased demand for leased office assets from institutional investors, according to property consultant Cushman & Wakefield.
Lifestyle- the new priority for choosing houses
Dec 07, 2013
DELHI: Townships or integrated housing are getting more momentum instead of standalone plots in Delhi NCR. People wish to live in well secured gated community. Townships are safe, secure, thoughtful and well-planned. Along with this, township has many other advantages. The advantages of a city without the hustle bustle of city life can be experienced here. The same is known as self-contained world. They make life easier and that’s what a home buyer wants at the end of the day!
The realty & reality of modern retail in India
Dec 07, 2013
DELHI: Retail is presently the most booming sector of the Indian economy. The sector as a whole already contributes 14-15% of the GDP. Although the organized retail market is a small part of it at present, it is expected to grow manifold in the coming 3-5 years. Even as I write this, there are over 300 new malls, 1500 supermarkets and 325 departmental stores currently being built in cities across India.
Avant launches flooring panel in Northern region
Dec 07, 2013
DELHI: Avant, a Germany-based interior furnishing company, has launched its flooring panel in the northern markets through its joint venture partner NCC Urban, a subsidiary of Nagarjuna Construction Company Limited.
Delhi’s commercial real estate set to bounce back
Dec 06, 2013
DELHI: Delhi NCR’s property market is all set to regain its lost momentum with the revival in the economy. Private and public sectors are leaving no stone unturned to capitalise on the inherent capabilities of the real estate and infrastructure sector to drive growth and to deliver. Recently, three new cities were included in the NCR: Bhiwani and Mahendragarh of Haryana district and Bharatpur from Rajasthan.
Bungalows Versus Flats
Dec 06, 2013
DELHI: Assuming that one has the financial wherewithal for this to be an option at all, the question of whether to invest in a bungalow or a flat is indeed pertinent. In an established area of a large city like Pune, a bungalow costs a lot more than a flat. This means that the rental market for such a property shrinks proportionately.

Latest Realty News Of State

Realty Talk's