Metro Phase 3 to bring hike in property tax?
You may have to pay more property and betterment taxes if your house or commercial unit rests along the proposed Metro corridors in Phase 3 of the mass transit project.delhi Updated: Apr 23, 2011 00:10 IST
You may have to pay more property and betterment taxes if your house or commercial unit rests along the proposed Metro corridors in Phase 3 of the mass transit project.
The Delhi Metro Rail Corporation (DMRC) has begun the process of building three new corridors and extending two in Phase 3, to be completed by 2016.
"Since the value of properties along the Metro corridors go up 2-3 times, we're exploring if additional property tax and betterment tax can be levied to generate funds for metro expansion," said a senior official.
Though construction in Dwarka started in the 1990s, people started moving in and property rates surged only after 2006 when the Delhi Metro's Dwarka corridor became operational.
Officials said the Delhi government came up with this proposal at a meeting with cabinet secretary KM Chadrashekhar, a planning commission member and officials of the union urban development ministry and DMRC.
Once a decision on the economics of raising taxes is completed, the matter will be placed before a group of ministers for the final call.