120 Bldgs Sealed Over Property Tax Arrears, Real Estate News, ET RealEstate

March 27, 2024

<p>Representative Image</p>
Representative Image

HYDERABAD: Intensifying its efforts to ramp up property tax collection before the end of the 2023-24 fiscal, Greater Hyderabad Municipal Corporation (GHMC) has seized (sealed) as many as 120 commercial properties in the city for not clearing pending arrears. The civic body has so far collected property tax of 1,550 crore against the target of 2,100 crore.

According to GHMC officials, the commercial properties have been sealed after the building owners failed to pay pending arrears in the last two to three years. Notices were being served on taxpayers of residential buildings. As many as four lakh taxpayers in the city were yet to clear 3,500 crore arrears, leaving the civic body in dismay and reeling under severe financial crunch.

“We have also issued 600 distress warrants under Section 269 of the GHMC Act as many owners were not coming forward to pay property taxes despite waiver on interest on arrears and current tax. Majority of the properties were sealed in Hayathnagar, Goshamahal and Kukatpally circles,” a GHMC official said.

If GHMC issues distress warrant notices, it could attach the property and recover the dues.

  • Published On Mar 27, 2024 at 12:00 PM IST

Join the community of 2M+ industry professionals

Subscribe to our newsletter to get latest insights & analysis.

Download ETRealty App

  • Get Realtime updates
  • Save your favourite articles

Scan to download App

Source link

Abhay Singh

Web Developer