Final notification issued for residential,
VIJAYAWADA: The Vijayawada Municipal Corporation (VMC) appears to have buckled down before severe criticism and strong resentment from taxpayers as well as the opposition parties with regard to revision of rental values in the city.
According to the corporation officials, the highest revised rental value for Non Residential (NR) properties stood at Rs.75 per square meters (at Besant Road). The final hike for NR properties’ rental values is 150 per cent for shops and 125 per cent for other NR properties located on Bandar and Eluru roads (Zone 8 and 15). Similarly, the hike in remaining zones is 125 per cent and 115 per cent for shops and other NR properties respectively.
It may be recalled that the entire city went agog after the issuance of preliminary notification proposing to revise rental values on September 8. The taxpayers associations calculated that the burden would increase by 200 to 400 per cent, if the corporation’s proposals were implemented.
The taxpayers and various associations said a blunt ‘no’ to the proposals at a meeting convened by Deputy Commissioner (Revenue) B. Nagendra Kumar.
After receiving objections from various quarters, the municipal corporation issued final notification fixing the revised rental values for both residential and non-residential (NR) properties in the city on Saturday.
Addressing a press conference on the occasion, Municipal Commissioner Natarajan Gulzar asserted that revised rental values would affect around 8,000 to 10,000 property tax assesses only.
The hike was pegged at 80 per cent for the NR assessments in 1B zones or slums through out the city, while the hike was a smaller amount for all other assessments, he said.
Mr. Gulzar said that the corporation was exempting additional revenue of between Rs. 15 crores and Rs. 16 crores after revision of rental values.
Replying to a question, he said that it was not necessary to place the revised rental values before the general body of VMC.