KOCHI: Banking on the Kochi metro project, which is expected to be commissioned shortly, the Kochi Corporation plans to fill up its coffer with at least ₹10 crore, along with other tax proposals.
The annual Budget, presented by Deputy Mayor T.J. Vinod, aims at boosting revenue collection by slapping a development charge on holdings and properties along the metro corridor. The civic authorities defended the proposal, promising value addition to buildings and other properties along the corridor.
The corporation aims at generating an additional revenue of ₹5 crore through the proposal, which was originally mooted last year but could not be implemented as the project lagged.
Mr. Vinod also identified the pillars of the metro viaducts, areas along the track, and stations as potential revenue generation points through display of advertisements. Another ₹5 crore is expected to be generated from these areas, said the chairman of the finance standing committee.
Though the Kerala Municipal Building Rules permit local bodies to collect tax from timber traded in the city, the civic body is yet to carry it out. It is estimated that around 4 lakh cubic feet of timber is traded in the city annually, and the collection of timber tax will make the local body richer by ₹1 crore.
The other major revenue generation sources identified by the Deputy Mayor include open trench charge for cable companies, which cut open city roads for laying cables (₹4 crore), and a one-time amnesty scheme for unaided educational institutions, which have skipped paying tax (₹4 crore).
The Budget also proposes heavy parking fee for cars that are left on the road for long hours to discourage the trend as the practice claims a lot of road space. The new tax regime will be introduced on M.G. Road, Chittoor Road, Shanmugham Road, Banerji Road, and Sahodaran Ayyappan Road, Mr. Vinod said.
The civic body proposes to utilise the space below flyovers and over-bridges to set up public utility services and commercial units. The scheme will be implemented through PPP model, and it is expected to generate an additional income of ₹2 crore, the Deputy Mayor announced in his Budget speech.
The corporation has also earmarked ₹40 crore as the share of the urban local body for the Smart City project.
