[INDIAN REAL ESTATE NEWS] Good morning, everyone. I’m Kim suhyeon staff of Kamagroup Pvt. Ltd.
Here I have an important Indian real estate news to share with you which is as undermentioned.|
BENGALURU: Owners of two out of every five properties in the city continue to avoid paying the stipulated property tax promptly, according to BBMP officials.
While the civic body’s GIS-enabled property tax information system has identified 19 lakh properties in its limits, only 11.5 lakh properties pay the levy. If every property is tax compliant, then the BBMP can mop up over Rs 4,000 crore, officials said.
The BBMP is racing against time to meet its tax target of Rs 3,100 crore. With less than three months left in the financial year, the agency has collected Rs 2,220 crore in taxes. Parks, playgrounds, shrines, BBMP properties and traffic circles are not assessed for property taxes. BBMP commissioner N Manjunatha Prasad told TOI: “A large number of properties, especially vacant plots in new BBMP areas, are regular defaulters.”
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