New Property tax system unfair to old buildings?

Legal Head at Sky Properties
Mayur is a real estate professional based in Navi Mumbai for the past 20 years. His expertise in real estate includes every sphere of the real estate sector from legal to Building Construction to Vastu to home interiors.
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Mayur

From the Times of India 12.May.2012 MUMBAI: Despite the claims of the civic body on having transparency and parity in the new capital value-based property tax system, citizens seem unhappy at the development. They feel that while a handful of new buildings that have come up after 2005 will benefit from the new system, several old structures will face a high rate of taxation. According to BMC data, 27% or 3.87 lakh properties will benefit from tax reduction, whereas 19% or 2.75 lakh properties will face a higher rate of taxation, which will be up to two times the original amount paid. The maximum number of such structures are found in Andheri-Vile Parle west (50,000), Bandra-Khar-Santa Cruz west (34,000) and Esplanade-Fort-Colaba (11,000). Anandini Thakoor, chairperson of the H-West Ward Welfare Association, said: “I understand that expenses have risen. But to shift the burden to citizens is not justified. Residents of some old buildings will have to face a 100% rise in tax. The tax slab should have been lower.” Many felt that the approval to collect rent in retrospect was unjust. AGNI coordinator Raj Kumar Sharma said: “The state had to amend the present law to make it possible. The…

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