Property tax-Builders to be held accountable?

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.
When it's not real estate, its either his fight against corruption or pulling focus (film making) with his NIKON D750 that keeps him busy.
With over 9 million views of his pictures on Google Maps and over 1.3 crore views of his contributions, he has been designated as a Master Photographer by Google.
He can be reached on 9987452642
Mayur

Flat buyers are often kept in the dark about the property taxes due on their plot/flat at the time of possession. Only later do they realize that they have been shortchanged by the builder/developer when they are slapped Property Tax Due Certificate by the Municipal Corporation, which sometimes can be to the tune of a few lakhs!It helps to remember that until the possession of the flat is handed over to the flat buyer, all taxes due on the flat/plot, are payable by whoever owns the flat/plot, which in most cases is the builder/developer. Often with the connivance of the Municipal corporations, the builder escaped payment of this tax. The Municipal corporation, which can easily make it mandatory for the builders to pay all liable taxes before handing over the Occupancy Certificate for the flat/building, happily chose to look the other way.All this is set to change if the Minister for Urban Development, Mr.Bhaskar Jadhav, is to be believed.According to the new rules proposed by the Minister. Builders will have to pay property tax for 3 years at the time of issuance of the Commencement Certificate and if the construction is not complete at the end of 3 years, he…

New property tax rate for Mumbai passed by BMC

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.
When it's not real estate, its either his fight against corruption or pulling focus (film making) with his NIKON D750 that keeps him busy.
With over 9 million views of his pictures on Google Maps and over 1.3 crore views of his contributions, he has been designated as a Master Photographer by Google.
He can be reached on 9987452642
Mayur

The new property tax calculating formula has been passed by the BMC.This calculation will now be based on the value of the property rather than the rent which it can earn in a year (which was the earlier formula).The result of this change will mean no change for flats less than 500 sq ft but for newer properties it can mean double the property tax than before.These proposals were passed by the BMC standing commitee on Thursday,10 May,2012.According to the new formula,the property tax rate will be multiplied by the Capital value of the property to arrive at the property tax.According to the BMC,the new method will cause an increase in 19% percent of properties.Rest will remain unaffected according to them.Earlier even the ward officer could increase or decrease the property tax if he saw it necessary,but this will not be possible anymore. According to them,the new tax will fetch 32,000 crores against 3200 crore at present. The new rates of property tax will be the following :-Residences (with metered water connection):0.41% of capital valueOffices:1.95% of capital value.Banks:3.91% of capital value.Illegal buildings (without OC or water connection):8.44% of capital value. The capital value of a property will be determined by…

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