GHMC Hyderabad has confirmed that there would not be any hike in property tax. The state government fears that if there is a hike in Hyderabad property tax then it will be burden for the common man.
The Greater Hyderabad Municipal Corporation (GHMC) has confirmed that there would not be any hike in property tax in the city.
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.
More News: timesofindia
The High Court issued interim orders on Monday staying the property tax hike by the Greater Visakhapatnam Municipal Corporation (GVMC). The High Court division bench comprised of Justice V.V.S. Rao and Justice Ramesh Ranganath issued interim orders on Monday staying the property tax hike by the GVMC and ordered that the hike should not be more than 75 per cent, said the CPM floor leader, Ms Botta Eswaramma.
The CPM corporators, presidents of apartment owners’ welfare association challenged the GVMC tax hike which they said was from 100 to 800 per cent and against the rules. The petitioners said the GVMC violated the rules framed by the government regarding tax hike and also a resolution passed by the council in its meeting held on February 11, 2010.
More News: http://www.commonfloor.com/stories/the-high-court-stays-gvmc-property-tax-hike-3761
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