Haryana government rationalises Property Tax
Oct 10, 2013
Source : Business Standard


HARYANA: The Haryana government today rationalised Property Tax rates in areas under municipal corporations.

A decision to this effect was taken at a meeting of the state cabinet presided over by Chief Minister Bhupinder Singh Hooda here.

A government spokesman said the cabinet approved the recommendations made by a three-member committee headed by Parliamentary Affairs minister Randeep Surjewala on rationalisation of property tax in municipalities and simplifying the calculation formula in the state.

Earlier, property tax was calculated on the basis of Collector Rates based on current market price and with the annual increase in collector rates, the tax used to get increased, the spokesman said, adding the new formula of property tax is very simple.

"An owner of a property can now go for self-assessment. The earlier system was complicated, the new one will benefit those having small and medium size properties," he said.

It may be recalled that the committee headed by Surjewala was constituted by the government on July 2, 2013.

According to the methodology to calculate property tax, municipal corporations have been categorised into two categories, A-1 cities with municipal corporations of Gurgaon and Faridabad and A-2 cities comprising of Ambala, Panchkula, Karnal, Panipat, Rohtak, Hisar and Yamunanagar municipal corporations, the spokesman said.

Those owning residential properties of up to 300 sq yard would have to pay Re one per sq yard in A-1 cities.

The other four categories of sizes from 301 sq yard to more than two acres would have to pay between Rs 4 per sq yard and Rs 10 per sq yard, he said.

Rates for commercial space of upto 1,000 sq yd would be Rs 12 per sq yd and for more than 1,000 sq yard, it would be Rs 15 per sq yard, he said, adding basements which are used exclusively for parking will be exempted from property tax.

Latest Realty News

Haryana to build 1.25 lakh economy flats in Gurgaon, other prime areas
Oct 07, 2013
CHANDIGARH: Ushering in a policy of affordable housing in Gurgaon and other prime areas of the state, the Haryana government plans to build 1.25 lakh flats under the first phase. The size and price of these flats will be decided by the government and allotment will be done through draw of lots.
Regus launches new business centre in Gurgaon
Aug 28, 2013
GURGAON: Regus, the largest provider of flexible workplaces globally, today opened a new business center in Gurgaon, the country’s commercial hotspot. The new centre will provide turnkey access to businesses of all sizes and help satisfy strong demand for business-ready space in the National Capital Region (NCR).
40 builders apply for licence in city under affordable housing policy
Aug 24, 2013
GURGAON: On the first day of the notification of the affordable housing policy in Haryana, 40 applications of different developers have been received for launching the project in Gurgaon.
CII: Emerging investment hotspots
Jun 25, 2013
DELHI: India has its own unique and integral complexities and business is not an exception to it. Corporations strive for increased efficiency and productivity amidst these complexities. Real estate is an integral ingredient in the formation and growth of all businesses and steadily maturing into a big business itself.
Buying a property just got a bit more cumbersome
Jun 25, 2013
MUMBAI: A common saying goes, to know "stress", organize a person's marriage or endeavor to build a house. Consider the various factors which affect the decision on the purchase or building of a house, they range from vastu, legal documentation, anticipated appreciation in value and maybe even the whims and fancies of the relatives. Clearly, factors which may cost a common man, seeking to obtain a roof over his head, many a nights sleep. Well, thanks to the Finance Act, 2013, the stress has been
Bangkok cheapest office location in Asia; Hong Kong most expensive
Jun 25, 2013
BANGKOK:Bangkok was the cheapest city for office rents in Asia this year, while Hong Kong was the most expensive, an international property consulting company said on Monday.
CREDAI bats for realty reforms with Girija Vyas
Jun 24, 2013
DELHI: Praising the Union Government’s efforts towards real estate reforms, realtors’ apex body Chairman Lalit Jain expressed the hope that the new Housing and Urban Poverty Alleviation Minister Ms. Girija Vyas will continue with the unfinished task of her predecessor Mr Ajay Maken.
How new real estate bill could reshape the realty ecosystem?
Jun 20, 2013
MUMBAI: 1) Project Registration When the Real Estate (Regulation and Development) Bill 2013 comes into effect, all projects will have to be registered with a real estate regulatory authority.
The Bill will be a boon for homebuyers
Jun 19, 2013
MUMBAI: The Real Estate Regulator Bill which was recently approved by the union cabinet, has been several years in the making now and hasn’t had smooth sailing from the start. Apart from inordinate delays, it faced much resistance from the real estate fraternity at initially who were afraid that this Bill would prove to be yet another regulatory bottleneck, rather than a regulation that would empower the industry and its homebuyers.
Road building revival offers rare hope for India infrastructure overhaul
Jun 18, 2013
MUMBAI/DELHI: K. Ramchand, managing director at one of India's biggest road builders, is doing something unusual to help dispel the gloom pervading much of the country's infrastructure sector today: bidding for new projects.

Latest Realty News Of State

Realty Talk's