Sources revealed at www.propertykhazana.com said that the Central Govt. is working on a strategy which is expected to carry on 2% Tax on vacant urban property and it is planning to proclaim by next week, said the close source at Nirman Bhawan. Once the vacant property tax is announced then the tax issue will be planned on the rate of property registered with the BDA of particular locality. It has been observed that realty builders use property to consider the prices and they will purchase the property from the BDA and will leave the property unoccupied till they witness huge leap in the prices. However, with this rule, such theory activities will draw the taxes in the places. Govt. is going with the plans which are followed in different European Nations and in US for this unused property tax.
Apart from 2% tax, which is carried out on the blunder builders there is one more law, which will make necessary for the builders to finish the building within a given time and if fails then such constructions needs to bear some penalty. Tax policy is already in practice in Andhra Pradesh as it is successful in checking the practice of property prices speculation by builders.
The penalty will be used to develop sanitation, healthcare amenities, low-priced residences, drinking water and for solid waste management. For more information of tax impose on vacant land logon to www.propertykhazana.com.
Source: NIMMA BENGALURU
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