Chandigarh civic body sends notices to properties over tax default
Real Estate

Chandigarh civic body sends notices to properties over tax default

The Chandigarh municipal corporation issued the first lot of notice to the 40 commercial properties of the city, which failed to pay their property tax to the authority in the April to June rebate period.

Out of around 40,000 commercial properties, only around 14,000 properties have paid the tax amount to the authority during this rebate period, as the rebate period ended on 30th June this year.

Since the Chandigarh civic body started to send the notices, they have thought that initially notices will be sent to the commercial properties, but soon residential properties list will also be prepared to send notices to the defaulter residents also, who failed to pay the tax during the rebate period.

A senior official told the media that all these 40 notices, which have been sent in the first lot, carry a financial cost of around rupees 10 lakh. Since these properties have failed to pay the tax, now they will have to pay a penalty as well as interest over it with their principal amount, as strict action will be taken against those who will fail to pay it.

During the rebate period, the Chandigarh Municipal Corporation had received Rs 36.06 crore property tax, and the maximum of it was from commercial properties only. Though most taxpayers came from the residential part, more tax paid came from commercial properties, which can be due to high charges of commercial properties against residential properties.

Image Source

The Chandigarh municipal corporation issued the first lot of notice to the 40 commercial properties of the city, which failed to pay their property tax to the authority in the April to June rebate period. Out of around 40,000 commercial properties, only around 14,000 properties have paid the tax amount to the authority during this rebate period, as the rebate period ended on 30th June this year. Since the Chandigarh civic body started to send the notices, they have thought that initially notices will be sent to the commercial properties, but soon residential properties list will also be prepared to send notices to the defaulter residents also, who failed to pay the tax during the rebate period. A senior official told the media that all these 40 notices, which have been sent in the first lot, carry a financial cost of around rupees 10 lakh. Since these properties have failed to pay the tax, now they will have to pay a penalty as well as interest over it with their principal amount, as strict action will be taken against those who will fail to pay it. During the rebate period, the Chandigarh Municipal Corporation had received Rs 36.06 crore property tax, and the maximum of it was from commercial properties only. Though most taxpayers came from the residential part, more tax paid came from commercial properties, which can be due to high charges of commercial properties against residential properties. Image Source

Next Story
Real Estate

Pecan Realty Completes Rs 1.5 Billion Transactions

Pecan Realty has recently completed four institutional transactions worth over Rs 1.5 billion over the past two years, strengthening its position as an execution-led real estate platform. The deals include resolution-led acquisitions, structured finance transactions and capital partnerships across its development portfolio.The transactions covered acquisitions through the National Company Law Tribunal process and helped provide repayment or exits to both private and public sector lenders. The company said the deals demonstrate its ability to resolve complex project situations, work with instit..

Next Story
Real Estate

SNN Estates Expands North Bengaluru Housing Project

SNN Estates has announced an expansion of its SNN Estates Felicity residential project in North Bengaluru following strong buyer demand, with 75 per cent of the first-phase inventory sold within three days of launch.The developer will add 76 apartments in the new phase, taking the project's estimated revenue potential to around Rs 1,000 crore upon completion of Phase 2.Spread across 6.5 acres in Rachenahalli, near Manyata Tech Park, the project comprises 604 apartments in 1.5, 2, 2.5, 3 and 4 BHK configurations. The development includes a 50,000-sq-ft clubhouse with amenities such as sports co..

Next Story
Infrastructure Urban

SCG Drives ASEAN Industrial Transformation Strategy

SCG is strengthening its focus on ASEAN as a key growth region by advancing industrial transformation, enhancing competitiveness and building resilient regional value chains. Thammasak Sethaudom, President and Chief Executive Officer, SCG, highlighted the need for industries to continuously develop capabilities, strengthen resilience and deepen regional cooperation to achieve sustainable long-term growth.SCG views ASEAN as an important growth engine alongside China, supported by favourable demographics, trade connectivity and investment flows. With ASEAN’s GDP projected to grow by around 4.7..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement