Site icon Realty Beat

Up to 5k Increase from April, Real Estate News, ET RealEstate

ghaziabad house tax may rise by up to rs 5000 from april 2024


GHAZIABAD: Homeowners may have to pay Rs 5,000 more in taxes annually from the new financial year as the civic corporation is likely to make property tax commensurate with the DM circle rate.

The circle rates in the city are determined as per road widths in the locality. If revised, the new taxation rate will range from Rs 3.5 per sq ft to Rs 4 per sq ft, up from the existing Rs 1.61 per sq ft to Rs 2.45 per sq ft.

The revision of house tax has been opposed by a section of councillors who argued the rates were hiked by 10% recently and a second round of increase would be unfair to homebuyers. Mayor Sunita Dayal said the matter will be taken up with the state government.

An official from the Ghaziabad Municipal Corporation (GMC) said, “The DM circle rate, width of roads and location of a property are the primary criteria for deciding the new tax slab. If the road width is less than 12m, the proposed house tax rate will be Rs 3.50 per sq ft, up from the existing Rs 1.61/sq ft.”

The official added, “Likewise, in localities with road widths between 12 metres and 24 metres, the new house tax rate would be Rs 3.75/sq ft against Rs 2/sq foot. For areas where roads are wider than 24 metres, the slab will be Rs 4/sq ft, up from the current Rs 2.45/sq ft.”

It simply means that for properties located near the highways or arterial roads, the tax rate hike will be steeper, the official added. For example, people living in Crossings Republik, located near the Delhi-Meerut Expressway and NH9, will have to pay more taxes than Siddharth Vihar.

“The average annual increase in house tax will be around Rs 4,000 to Rs 5,000,” the official added.

In January last year, the GMC Board passed a proposal to hike house tax by 10% on 4.28 lakh properties. “The 10% house tax rate is already applicable and in consideration. So why are the house tax rates now being increased to be on par with the circle rate? It will only add to the financial burden on residents. We will oppose this hike and have already submitted a memorandum to the mayor,” former councillor Mukesh Garg to TOI.

Meanwhile, Mayor Sunita Dayal said she opposed the tax hike. “We are in talks on how best to address the issue as linking house tax with DM circle rate doesn’t sound logical as of now. Will raise the issue with state government if need arise and will ensure tax rate remains the same,” mayor Sunita Dayal said.

  • Published On Jan 15, 2024 at 08:59 AM IST

Join the community of 2M+ industry professionals

Subscribe to our newsletter to get latest insights & analysis.

Download ETRealty App

  • Get Realtime updates
  • Save your favourite articles

Scan to download App




Source link

Exit mobile version