Loss-hit CP traders to get 20% tax rebate
There is some good news for the traders of Connuaght Place (CP) who had incurred huge losses due to the redevelopment work in the market. Neelam Pandey reports.delhi Updated: Jan 19, 2011 01:25 IST
The New Delhi Traders’ Association (NDTA) had earlier asked the civic agency to give them a rebate citing the losses they had incurred in the past two years.
“The NDTA had claimed that due to redevelopment work in CP, there has been a decline in their sales and revenue and levy of property tax should be waived or reduced. Due to redevelopment work, there might have been some inconvenience to their customers. So we have decided to offer the shopkeepers a rebate of 20% which will be available for 2010-11 and 2011-12,” said a senior NDMC official.
According to traders, in the last 15 months — while CP restoration work was underway — from generating a revenue of R1,308.75 crore for a period of 15 months prior to the restoration works, the revenue came down to R624.75 crore during the restoration period—a huge difference of R684 crore.
“The civic body had increased the property tax on commercial properties and due to the redevelopment work we suffered huge losses. We had asked them to charge us property tax on the old system. But they didn’t agree. Now they have offered some rebate on the existing system,” said Atul Bhargava, president of New Delhi Traders’ Association.
The civic agency will continue with the redevelopment work for the coming two years. Under this, eight new subways in the Outer Circle and a tunnel in the Middle Circle will be created.
Under the redevelopment plan this year, shops in the Inner, Middle, Outer circles and those on the radial roads that connect the Outer Circle to the Middle Circle and Middle Circle to Inner Circle will be made inaccessible once again.