Chennai property tax to fetch Rs 477 cr
Tags:
The number of property tax-payers in Chennai has been growing approximately by 10 per cent over the last eight years and the city now has 10,71,914 assessees with a tax estimate of Rs 477 crore.
After the recent expansion of Chennai corporation, the number of property tax assessees has almost doubled and more new buildings are expected in the current fiscal.
According to city corporation sources, Manali, Madhavaram, Tiruvottiyur and Sholinganallur have less number of properties, compared to other congested zones.
Highly-polluted Manali, which has large refineries and industries, has the lowest number of buildings with 18,263 properties assessed for tax and is followed by Madhavaram, recording 37,433 assessees.
Parts of south and central Chennai, which have always been considered residential hubs, have the maximum number of properties.
Kodambakkam has the maximum number of buildings with 1,32,698 assessees, followed by Anna Nagar, Teynampet and Adyar — having properties ranging above 1 lakh.
The total tax revenue through property tax is expected to reach above Rs 700 crore as a whopping tax arrears of Rs 300 crore is to be collected.
Chennai is growing and expanding so is the number of its properties. With the flat and apartment system prevalent in the suburbs that were recently merged, more properties (flats and apartments) are to be added in the coming days, a corporation official said.
The official also explained that core parts of old Chennai are now becoming commercialised and people were moving towards the suburbs and the areas that were merged recently with corporation.
Zones, including Alandur, Ambattur and Perungudi, are witnessing a lot of real estate activities and the property tax generation from these areas is all set to surge, the official added.
Post new comment