By Accommodation Times Bureau
A new draft notification is likely to be issued by the civic officials which states that the residents of Hyderabad may see hike in properties both residential and commercial.
The draft ready by the corporation will be circulated next week for suggestions and objections from the citizens and after final notifications property tax. The new regulations will be mostly followed by year half (October-March. If the new draft gets finalized by the corporation the minimum property tax for residential would be fixed at minimum Rs. 0.90 per square feet and maximum Rs .5.
The corporation Greater Hyderabad Municipal Corporation had began its revision of property tax in June by conducting a rental survey to keep in par the tax ratio. A committee headed by the senior officials including special commissioner had reserved the property rates and put forth. The new rates are based on area usage and building type. There has three categories A, B and C where ‘’A” category properties are those having main roads, “B” having by lanes and “C’’ having internal slums. The usage are residential as well as commercial building type which is broadly divided into RCC and non-RCC types.