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  Metros   Delhi  19 Nov 2019  NDMC Budget proposes 2 per cent hike in property tax

NDMC Budget proposes 2 per cent hike in property tax

THE ASIAN AGE. | SHASHI BHUSHAN
Published : Nov 19, 2019, 4:15 am IST
Updated : Nov 19, 2019, 4:15 am IST

Ms Joshi also proposed introduction of betterment tax of 15 per cent of the annual value of property tax.

In an attempt to strengthen its financial position, the North Delhi Municipal Corporation (NDMC) on Monday proposed an increase in property tax, revision of unit area valuation, and introduced two new betterment and professional taxes.
 In an attempt to strengthen its financial position, the North Delhi Municipal Corporation (NDMC) on Monday proposed an increase in property tax, revision of unit area valuation, and introduced two new betterment and professional taxes.

New Delhi: In an attempt to strengthen its financial position, the North Delhi Municipal Corporation (NDMC) on Monday proposed an increase in property tax, revision of unit area valuation, and introduced two new betterment and professional taxes.

While presenting the Budget estimates for the next financial year, municipal commissioner Varsha Joshi proposed two per cent hike in property tax and revision of unit area valuation resulting in overall increase of property tax by 33 per cent.

 

Ms Joshi also proposed introduction of betterment tax of 15 per cent of the annual value of property tax.

Presenting the Budget proposal in a special meeting of the North Corporation Standing Committee, Ms Joshi proposed increase in unit area valuation of different categories of colonies saying that it will help the corporation earn revenue of Rs 220 crore along with an increase of two per cent property tax.

She also proposed five per cent increase of property tax of non-residential properties from 15 per cent to 20 per cent.

While proposing new betterment and professional taxes, she claimed that both would help the corporation earn `550 crore annually.

 

To make the civic body self reliant, Ms Joshi proposed installation of mobile towers on 800 municipal buildings to earn `28.8 crore; advertisements on vehicles to fetch `1 crore; `5 crore from the auctioned new four clusters for outdoor advertising; `5.4 crore from advertising in 75 parks; `3.76 crore from renting out city and SP Zone office buildings which is lying vacant; and `212.50 crore from Gandhi Maidan parking project this year.

In another major step to strengthen the financial position, Ms Joshi proposed redevelopment of Azadpur and Model Town staff quarters with expected income of `4,500 crore; redevelop ‘Cup and Saucer’ and Minto Road staff quarters at a reserve price of `3,300 crore; redevelopment of Bunglow Road staff quarters by leasing out for commercial complex at an estimated income of `590 crore; redevelopment of Novelty Cinema, and other municipal properties.

 

She also announced a parking space for 12,301 cars by developing multi-level parking at 15 locations and stack parking at 12 locations for 958 cars.

Tags: ndmc, property tax