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To Become Financially Self-Reliant, NDMC Mulls Property Tax Hike

To Become Financially Self-Reliant, NDMC Mulls Property Tax Hike

To Become Financially Self-Reliant, NDMC Mulls Property Tax Hike
(PropTiger)

The North Delhi Municipal Corporation (NDMC) on December 5 presented the Budget Estimates (BE) for financial year 2018-19, with a proposal to levy a single tax slab of 15 per cent for residential properties and 20 per cent for commercial properties. Proposals to impose betterment and professional taxes were also presented.

At present, there are eight categories of residential properties, with tax rates ranging from 7-12 per cent.  For all categories of commercial properties, the current rate is 15 per cent, which is proposed to be enhanced to 20 per cent.

In line with the recommendations of the second and third Delhi Finance Commission, a betterment tax at the annual rate of 15 per cent was proposed for financing infrastructure works, development of transportation facilities and redevelopment of colonies. The professional tax would come under three categories of Rs 1,200, Rs 2,400 and Rs 2,500 an annum. The NDMC would set up a special cell to compare database and realise the tax from processionals living in the NDMC area.

Presenting the Budget, NDMC Commissioner Madhup Vyas said the body hoped with those measures, the NDMC would be financially self-reliant by the end of the 2019.

Here is what else the NDMC plans to do:

* The Budget estimate proposed total revenue of Rs 8,562.28 crore and total expenditure of 8,562.13 crore, for the financnail year 2018-19. The revised estimate for 2017-18 total revenue is 5,765.96 crore and expenditure is 5,765.66 crore.

*The rebate on one-time payment of property tax by June 30 is proposed to be slashed from the existing 15 per cent to 10 per cent.

*The civic body is developing an interactive portal for property tax. Currently, details of 4.5 lakh properties are available online.

*About 20,000 CCTV cameras will be installed in sensitive areas of the civic body with funds from a central government scheme.

*Parking facilities would be further developed with multi-storey parking lots at the Shiva Market (Pitampura) and Rani Bagh. Basement parking lots will also come up at Gandhi Maidan and Chandni Chowk.

*The NDMC will be creating designated walls for putting up posters, seeking to prevent defacement of public properties through sticking of advertising material. Those violating the norm would be strictly punished.

With inputs from Housing News

Last Updated: Thu Dec 07 2017

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@@Fri Jul 05 2019 13:15:19