NDMC proposes unit value area revision for property in budget

The North Delhi civic body NDMC in its annual budget proposal for 2020-21 on Monday proposed to revise unit area value that will cause a hike in property taxes. Presenting the budget proposals in the North Delhi Municipal Corporation (NDMC) House meeting, commissioner Varsha Joshi also announced "nominal" rise in property taxes across various categories of residential colonies.

The unit area values have not been raised since 2004. According to the NDMC Act's section 116(J), if the unit area value is not increased for three years, it could be raised automatically as per the consumer price index.

As per the proposed revision, the unit area value for "A" category of colonies will be raised from existing Rs 630 to Rs 840. The revised values for other categories are Rs 670(B), Rs 530(C), Rs 430(D), Rs 360(E), Rs 310(F), Rs 270(G) and Rs 230(H). The revision, if approved by the NDMC's House and Standing Committee, will earn an additional revenue of Rs 220 crore for the civic body.

The budget also proposed 2 percent increase in A to H category of properties. Rates of non-residential properties will be revised from 15 percent to 20 percent. The corporation is expected to earn an additional Rs 100 crore income through this hike.

In the proposals for infrastructure development, the NDMC has chalked out a plan to provide parking facility for 12,301 cars by developing multi-level parking facilities at 15 locations under its jurisdiction.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)