REDCO seeks changes in property tax scheme

The Real Estate Development Council (REDCO) an apex body for private real estate developers in Haryana has moved a representation to Haryana Chief Minister Bhupinder Singh Hooda and Industries Minister Randeep Surjewala,suggesting changes in the new property taxation scheme under consideration

Written by Express News Service | Chandigarh | Updated: April 8, 2014 2:51 pm

The Real Estate Development Council (REDCO) an apex body for private real estate developers in Haryana has moved a representation to Haryana Chief Minister Bhupinder Singh Hooda and Industries Minister Randeep Surjewala,suggesting changes in the new property taxation scheme under consideration.

“We have been informed that the government is considering levying almost Rs 2 per square feet per month as property tax on commercial spaces. A majority of IT spaces in NCR (essentially Gurgaon) are lying vacant. Most of them have been developed by real estate developers,who can rightly be called IT/ITes promoters and should therefore be given the benefit as such. There needs to be a clear distinction between commercial office space and IT/ITES office space for the purposes of property taxation. IT/ITes spaces should therefore be given the benefit of industry status,” REDCO wrote in their representation.

The body also demanded that because of the economic slowdown,no property tax should be charged on vacant IT spaces,especially in NCR.

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