Urban News

  • Increase font size
  • Default font size
  • Decrease font size
Taxation

Chennai Corporation hikes rent for shops

Print PDF

The Hindu         22.06.2017  

Chennai Corporation hikes rent for shops

Traders have appealed to civic body saying the hike is 9-10 times in some areas

The Chennai Corporation has increased rental rates for shops as per market value across the city.

Traders have started appealing to the Corporation to reduce the rent, claiming that the rates have been raised nine to ten times in some areas.

A few years ago, the Corporation started increasing rental rates for its shopping complexes. Based on recommendation by the Corporation’s Revenue Department, initiatives were made to increase the rent.

Based on market value

The department sent a circular to revise the rent in all zones based on market value this year.

For example, in Ward 35, Muthamizh Nagar, traders in each of the 94 shops pay a rent of Rs. 11 per sq ft.

As per the market value, the rent is expected to be fixed at Rs. 20 per sq ft. In Ward 39, Suryanarayana Street, new shops have a rental value of Rs. 30 per sq ft. Rent for Corporation shops in Mottai Thottam in Ward 48 has been revised from Rs. 7 to Rs. 25 per sq ft.

After every three years, the corporation revises the rent for shops.

After completion of nine years, traders will get an opportunity to extend the lease by another nine years. In case the trader refuses to accept the revised rate, the shop would be auctioned.

The Chennai Corporation owns around 5,800 shops in the 15 zones of the city.

 

Buildings to be checked for tax violation

Print PDF

The Hindu        08.06.2017   

Buildings to be checked for tax violation

Chennai Corporation’s new initiative

Residents and traders who have constructed unauthorised buildings are under the scanner, as the Chennai Corporation has taken yet another initiative to trace property tax revenue loss.

Three areas

Starting Wednesday, the Corporation will send teams to inspect a total of 8,747 buildings in ward 57 in George Town, 10,414 buildings in ward 136 in T.Nagar and 6,076 buildings in ward 173 in Mylapore, measuring the structures, compiling data on total built up area and other town planning parameters.

The data will be compared with the database of the Chennai Corporation Revenue Department that collects property tax, trace licence and company tax. “The data on additional floors or unauthorised construction will be used to estimate the actual revenue loss of property tax. Under-assessment of property tax remains a challenge. Many homes and commercial buildings are paying less tax, causing huge loss of revenue,” said an official.


GIS mapping

As part of the initiative, the Chennai Corporation will also use GIS mapping of the private buildings on Wednesday, in addition to survey by the teams.

The GIS mapping will also cover all the private property and civic utilities. Even as the drive is done for increasing tax revenue, this initiative is expected to generate huge data sufficient to expose the exact number of unauthorised buildings in the city after the completion of the project,” said an official.

 

Tax hike for houses built before 2008

Print PDF

The Hindu         11.05.2017  

Tax hike for houses built before 2008

Library cess doubled for assessees

Owners of houses and shops constructed prior to 2008 will have to pay more property tax in the city.

The Chennai Corporation has revised the library cess from five paise per rupee to 10 paise for property tax assessments.

Owners of buildings constructed after 2008 are already paying 10 paise per rupee.

The library cess collected along with property tax is remitted to the local library authority.

In a report by the Accountant General for the year 2012-2013, it is stated that though the government had enhanced the library cess from five paise to 10 paise for every rupee of tax levied, the Corporation continued to levy library cess only at the rate of five paise per rupee. With the Corporation not revising the property tax since 2008, the library cess was also not increased.

After the Corporation Special Officer passed a resolution on April 26, the Revenue department asked all zones to revise the library cess rate to 10 paise per rupee.

Owners of at least half the buildings in the city are expected to pay a higher tax with effect from 2017-2018, said an official. The city has 11.7 lakh property tax assessees.

 
  • «
  •  Start 
  •  Prev 
  •  1 
  •  2 
  •  3 
  •  4 
  •  5 
  •  6 
  •  7 
  •  8 
  •  9 
  •  10 
  •  Next 
  •  End 
  • »


Page 1 of 60