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GMC's plan to impose Service Tax can cause hike in gurgaon realty prices
(14-05-2010) |
Owning property in Gurgaon is set to become more expensive with the Gurgaon Municipal Corporation (GMC) planning to impose property tax. Gurgaon, located in the National Capital Region, has for long been the cradle of private property developers and is also known as the IT city of Haryana. Municipal Commissioner of MCG, Rajesh Khullar said the corporation expected to generate over Rs 100 crore annually in revenue by the imposition of the new tax. He added that the maximum rate of taxation had been decided as Rs 3 per square feet of the covered area or 2.5 per cent of the annual rent for rented premises in residential areas and 5 per cent for rented properties in commercial areas. The objective method of assessing the rent would be used to calculate tax in cases where the owners do not provide details of property and rent. The local residents have demanded more clarity on the proposal to impose property tax from the state government. President of Chamber of Udyog Vihar, Colonel Raj Singla said most of the dwelling areas in Gurgaon had been developed by agencies like Haryana Urban Development Authority (Huda), Haryana State Industrial and Infrastructure Development Corporation (HSIIDC) and private developers like DLF and Unitech. He demanded that the area should be handed over to the municipal corporation before the implementation of any new tax, in the same way as the panchayats had handed over the land to the municipal corporation. The residents raised doubts about who is the authority responsible for maintaining the area. Source: www.indianrealtynews.com
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