Visakhapatnam Municipal Corporation approves new tax regime

09 Aug 2021 CW Team

On Saturday, the Greater Visakhapatnam Municipal Corporation (GVMC) approved a new tax regime in a special council meeting. Now, the Vizagites will have to pay a higher tax for the property.

However, the new tax structure is based on the residential building's market value, reduced from 0.15% to 0.12%.

The police took many leaders into custody outside the civic body's office as the opposition parties staged protests against the new tax structure, demanding to postpone the increased property tax by two years given the financial difficulties faced by the people because of the Covid-19 pandemic.

However, the ruling Yuvajana Sramika Rythu Congress (YSRC) has passed the agenda on the new tax regime. A few Telugu Desam Party (TDP) corporators also spoke in support of the increased property tax. As announced the residential buildings tax hike, mayor G Hari Venkata Kumari said that they would request the state government to reduce the increased tax on the lines of how it happened in Guntur and Vijayawada.

A property tax of 0.12% of residential buildings on the market value, 0.3% on non-residential or commercial buildings and 0.5% on vacant lands will be applied as per the new system.

Image Source

Also read: Pune civic body proposal to increase property tax on approval

Also read: Nashik Municipal Corp to bring new properties under tax

Real Estate

07 Jul 2026

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..

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..

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..