After 13 years, property tax set to go up in Ghaziabad
Property rental values were last revised in Ghaziabad in 2001
Nov 11, 2014
Source : The Times of India
Ghaziabad Municipal Corporation


GHAZIABAD: Residents of Ghaziabad could soon be coughing up more as property tax, with the municipal corporation proposing a hike in rental values across the city. The proposal will be put up for approval in the board meeting of Ghaziabad Municipal Corporation scheduled to be held on Wednesday (November 12).

Property rental values were last revised in Ghaziabad in 2001. Following that revision, made nearly 13 years ago, rental values of properties have been fixed in the range of Rs 1.20 to Rs 4.50 per sq. ft depending on the area, ranging from low-end localities to high-end residential areas. "Due to a variety of reasons, the rental values could not be increased in the past few years. Rules of the UP Municipal Corporation Act, 1959, stipulate that the rates have to be mandatorily revised every two years," said additional municipal commissioner A K Gupta.

The proposal to hike taxes has, however, met with a certain degree of opposition from sitting councillors of different political parties in the municipal corporation.

"Instead of burdening existing tax payers, the corporation should bring in more number of property owners under the tax ambit. The executive committee of the municipal corporation has agreed on a flat 25% increase in rental values but a section of councillors want the rates to be slightly lower," said Mukesh Tyagi, councillor and spokesperson for the mayor.

As many as 38 different proposals on different issues will be put up for approval in the board meeting scheduled for Wednesday. They include allotment of land for a graveyard for the Christian community; revision of mutation charges of shops; strengthening of the embankment around the Arthala Lake; and so on.

The municipal corporation's executive committee - comprising 12 representatives culled from different political parties in the council - has arrived at a consensus to give the go-ahead for a 25% hike. However, opinion has been divided among councillors over rental value hike with some sections vouching for as low as a 10% hike.

Residents said the hike in rental values should be reasonable and should be ploughed into improving civic services of the city. "A number of properties in the city have never assessed for taxes by the municipal corporation which is leading to huge losses for the exchequer. There should be horizontal expansion of the tax base. Residents are unlikely to oppose the move as long as the hike is reasonable," said S K Maheshwari, general secretary, RWA Federation of Ghaziabad.

Latest Realty News

As LMC cracks whip, defaulters make beeline to pay dues
Nov 11, 2014
Lucknow: The Lucknow Municipal Corporation had only cracked the whip on big tax defaulters, which includes businessmen, builders, contractors and traders
DDA Housing Scheme 2014: Draw Likely on Wednesday
Nov 11, 2014
New Delhi: The Delhi Development Authority (DDA) is likely to hold the draw of lots for the Housing Scheme 2014 on Wednesday
Land pooling panel faces barrage of queries
Nov 11, 2014
GUNTUR: Promising to bring in legislation for the land pooling process, the cabinet sub-committee on land pooling asked farmers of Tulluru mandal not to go for distress sale of their land
Centrum Capital teams up with Indiareit Ramesh Jogani for realty fund
Nov 11, 2014
MUMBAI: Mumbai-based financial services company Centrum Capital has teamed up with the former head of property fund Indiareit Ramesh Jogani to form a real estate private equity joint venture company
Industrial corridors around Coimbatore drive realty
Nov 11, 2014
Coimbatore: The fast developing Coimbatore-Tirupur-Erode Industrial Corridor is all set to give a boost to realty in Coimbatore
Manappuram foraying into housing, micro, vehicle lending biz
Nov 11, 2014
Mumbai: Kerala-based Manappuram, the non-banking finance company is venturing into three areas -- microfinance, home loans and vehicle financing early next year
Central Bank to exit non-core assets, sell housing arm
Nov 11, 2014
Mumbai: Central Bank of India is planning to sell off its housing finance subsidiary Cent Bank Home Finance Ltd
Greener surroundings now a premium product
Nov 11, 2014
VADODARA: Living in a green cover amid the concrete jungles is now possible only at premium prices in the city
Property expo to be held next month
Nov 09, 2014
NASHIK: A four-day property exhibition, 'Shelter 2014,' will be held in the city from December 18 by the Confederation of Real Estate Developers' Association (CREDAI), Nashik
Left parties join hands against land pooling
Nov 08, 2014
HYDERABAD: All Left parties in the residuary state of Andhra Pradesh are coming together to force the government to change the land pooling and development policy

Latest Realty News Of State

Realty Talk's