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

RBI shouldn't grant banking licences to companies: Parliamentary panel
Dec 10, 2013
DELHI: A parliamentary panel has suggested that the Reserve Bank of India (RBI) should not grant new banking licences to companies since the banking business is highly leveraged and involves public money. "Banking being a highly leveraged business involving public money and public welfare, the committee (members) are of the considered opinion that it will be more in the fitness of things to keep industry and banking separate," the committee noted in its report released on Monday.
Early start, proper planning will guarantee good future
Dec 10, 2013
DELHI: Lt Col Jit Bahadur Chettri, a 39-year-old Indian Army officer, is posted in a remote area in North-East India. His wife Ritu is also an officer in the Army Education Corps. They have two sons, Sparsh (9) and Utkarsh (7). Chettri represents that rare breed of officers who are financially well-aware of the need to meet their financial goals comfortably. When Lt Col Chettri approached us for financial planning this year, his family already had a well-diversified investment portfolio. With a
SC sends contempt notice to Subrata Roy
Dec 10, 2013
DELHI: The Supreme Court on Monday asked Sahara group head Subrata Roy and two others why contempt proceedings be not initiated against them for allegedly trying to browbeat a senior Enforcement Directorate official who was investigating a maze of alleged illegal financial transactions of the group running into hundreds of crores of rupees, some of which related to the 2G spectrum scam.
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.

Latest Realty News Of State

Realty Talk's