The entry of Metro trains to Delhi, Noida and Gurgaon has sky rocketed the property prices in all three cities. The massive development in transportation comes across as a major boost to realty estate in Delhi especially. The property buyers will have to pay dearly in wake of the categorization of the colonies in Delhi.
A major change in tax slab is expected if colonies are categorized again depending on their proximity to the Metro. The colonies will be divided into five categories A, B, C, D and E based on infrastructural facilities like civic amenities, road network and proximity to metro now. There is also a grading system that defines which colony would fall under which category, for instance, those with grading of 89 or more are in Category A whereas others between 75 and 88 come in category B.
Besides re-categorization, the interim report of the 3rd municipal valuation committee (MVC) has also suggested a raise in property tax levied on rented commercial setups. It has proposed to levy property tax as in Category ‘A’ on 5-star hotels, multiplexes, commercial farmhouses, petrol pumps and malls. The tax rates will be as those charged for category ‘B’ for 3 and 4 star hotels ultimately adding substantial sums of money in revenue collection of MCD. In addition to this, it is also recommended that MCD should try to uplift its tax base since despite a whopping 40% hike in realty value in last few years, it has not managed to collect much.
The property rates in Gurgaon and Noida are also towering high with coming of Metro services to both the cities. The capital and rental values in Delhi and NCR are multiplying every year making them unaffordable though this makes them the most coveted and an ideal realty destination.
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