The Greater Hyderabad Municipal Corporation (GHMC) standing committee has given the green signal to increase property tax to the tune of five per cent every year to repay loan proposed to be taken from banks.
The standing committee meeting was chaired by mayor Banda Karthika Reddy on Thursday.
The GHMC has proposed to take a loan of Rs 600 crore from banks and financial institutions to be spent on new development works like roads, drains and water supply pipelines under the Total Infrastructure Programme (TIP).
The Corporation wants to repay the loan in 10 years at the rate of Rs 100 crore every year, including interest.
Meanwhile, the standing committee members directed GHMC officials to submit list of colonies where these works are to be taken up, by the next meeting.
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