Ghaziabad Property Owners Brace for Potential Rs 5,000 Annual Tax Hike Starting April 2024


    Share post:

    Ghaziabad, April 2024 – Homeowners in Ghaziabad could face an annual property tax hike of Rs 5,000 from the new financial year as the municipal corporation considers aligning it with the DM circle rate.

    Circle Rate Influence on Tax:

    • Circle rates, determined by road widths, may lead to a tax increase.
    • New rates could range from Rs 3.5 to Rs 4 per sq ft, up from Rs 1.61 to Rs 2.45 per sq ft.

    Councillor Opposition:

    • Some councillors oppose the revision, citing a recent 10% hike in rates.
    • Concerns raised about the fairness of another increase for homebuyers.

    Mayoral Response:

    • Mayor Sunita Dayal plans to discuss the matter with the state government.
    • Expresses reservations about the logical link between house tax and DM circle rate.

    Tax Slabs Based on Road Widths:

    • Roads less than 12m wide may see an increase to Rs 3.50 per sq ft.
    • Roads between 12m and 24m wide may face a rate of Rs 3.75 per sq ft.
    • Wider roads exceeding 24m may experience a slab of Rs 4 per sq ft.

    Impact on Property Locations:

    • Properties near highways or arterial roads may witness a steeper tax hike.
    • Example: Crossings Republik residents may pay more than Siddharth Vihar residents.

    Average Annual Increase:

    • Estimated average annual increase in house tax: Rs 4,000 to Rs 5,000.

    Past Tax Hike and Opposition:

    • GMC Board approved a 10% house tax increase on 4.28 lakh properties in January last year.
    • Former councillor Mukesh Garg opposes the hike, submitting a memorandum to the mayor.

    Mayoral Stance:

    • Mayor Sunita Dayal opposes the tax hike.
    • Plans to raise the issue with the state government to maintain the current tax rate.

    (Source: Et Realty)

    Also read : DMart Acquires 47,000 Sq Ft Space at Migsun’s Rohini Mall for INR 108 Cr

    Related Posts

    Latest posts

    TCS Rents 400,000 Sq Ft Office Space in Noida

    "Tata Consultancy Services (TCS) has leased 400,000 square feet of office space in Noida due to increased demand....

    Raymond Group Unveils First Mumbai Real Estate Project in Bandra

    "Raymond Group Unveils First Mumbai Real Estate Project in Bandra, Aims to Generate Over $2 Billion" Raymond Realty, the...

    Brigade Group Plans to Expand Office Space by 3 Million Sq Ft

    Brigade Group Plans to Expand Office Space by 3 Million Sq Ft, Aims for Revenue of Rs 380...

    Big Players Oberoi and Raymond Compete in Thane Real Estate Market

    "Big Players like Oberoi Realty and Raymond Realty to Compete in Thane Real Estate Market" In the bustling real...