Treasure Island may have to pay Rs 23 lakh | india | Hindustan Times
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Treasure Island may have to pay Rs 23 lakh

PROMOTERS OF Treasure Island, the controversial mall-cum-multiplex at MG Road, will have to shell out approximately Rs 23.50 lakh in outstanding property taxes after an IMC survey threw up glaring discrepancies between actual and declared built up area. A recovery notice is likely to be issued within the next 48 hours.

india Updated: Feb 03, 2007 23:21 IST

PROMOTERS OF Treasure Island, the controversial mall-cum-multiplex at MG Road, will have to shell out approximately Rs 23.50 lakh in outstanding property taxes after an IMC survey threw up glaring discrepancies between actual and declared built up area. A recovery notice is likely to be issued within the next 48 hours.

The Indore Municipal Corporation (IMC) survey carried out a few days ago allegedly revealed that the promoters had failed to declare 11,000 square feet of taxable area on the fifth floor as well as on several other floors. “Instead of paying taxes for the entire structure the promoters were only paying property taxes for ground plus three,” revealed a Revenue department official.

According to IMC sources Treasure Island promoters Entertainment World Developers Private Limited (EWDPL) were served a payment notice of Rs 43.50 lakh. “Of this they paid Rs 20 lakh in December 2006 and a notice for the remaining money is to be served now,” he added.

Deputy Municipal Commissioner Lata Aggarwal confirmed that the survey had discovered discrepancies between the actual and declared built-up area. “However, I cannot give the exact figures as these are still being calculated.’’

“I’m the Managing Director not an engineer,” was EWDPL boss Manish Kalani’s response when asked over the phone whether he had under-declared taxable areas.