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

Infrastructure Urban

30 Oct 2025

Infrastructure Opportunity Outlook by IMPACCT.Info

India’s infrastructure pipeline is witnessing dynamic activity across stages — from immediate bidding to future planning. IMPACCT segments these into three categories: Immediate, 3–6 Month, and Future Opportunities, enabling businesses to identify, prepare, and participate in high-value tenders and projects across sectors...To read the full article Click Here..

Serene Communities, Prathima Group Invest Rs 4 billion in Hyderabad

Serene Communities by Columbia Pacific, India’s largest senior living operator, has partnered with Prathima Group to develop two senior living projects in Hyderabad, marking its entry into Telangana. The collaboration represents an investment of Rs 4 billion, combining Serene’s international expertise with Prathima’s local development experience. The first project, Serene BILVANI One, launched in Shankarpally, is Hyderabad’s first premium senior living community. Designed for independent and active ageing, it features senior-friendly architecture, barrier-free design, and wellness..

India remains our most important market

Foundamental, the world’s leading venture capital platform focused on the project economy, has launched its third fund to strengthen its presence in India, APAC, and other global markets. Led by Berlin-based Managing Partners Shubhankar Bhattacharya and Patric Hellermann, Fund III aims for a final close by the end of 2025. In an exclusive interaction with CW, Bhattacharya shares insights on the fund’s mandate, India’s role in their strategy, and the opportunities they see in the construction-tech and project-based sectors. Can you briefly explain Fund III’s mandate and how In..