The Bruhat Bengaluru Mahanagara Palike (BBMP) has revised the property tax calculation for lined and stilt parking areas throughout all buildings within the metropolis, a transfer that might lead to important financial savings for giant buying malls whereas probably growing the tax burden for unbiased homes and residence house owners.
The choice has sparked considerations among the many public, who worry the brand new parking tax may very well be greater than present charges, whereas officers declare the revision will result in a discount in general tax legal responsibility.
In a notification issued on Saturday, BBMP Chief Commissioner Tushar Girinath proposed modifications to how the Unit Space Worth (UAV) is computed for personal parking slots, citing Clause 5 of Part 144 of the BBMP Act, 2020.
The notification units a month-to-month UAV of Rs 2 per parking slot in residential complexes and Rs 3 per slot in industrial buildings, eradicating the earlier zonal classification that diverse tax charges throughout six completely different zones.
Beforehand, parking tax accounted for 50 per cent of the overall property tax for residential items and diverse considerably primarily based on zonal classification. For instance, flats in Zone A paid Rs 1,875 yearly, whereas these in Zone F paid as little as Rs 750. The tax was considerably greater for industrial institutions, notably buying malls.
In response to some BBMP officers, the modifications are set to learn buying malls, which beforehand paid as much as Rs 8 per parking slot however will now must pay solely Rs 3 per slot. Nevertheless, unbiased homes and residence house owners who’ve declared parking areas must shell out extra tax, stated a BBMP officer.
After reviewing the notification, the Bangalore Flats Federation (BAF) raised considerations that the brand new construction may result in greater parking tax for residence house owners. Equally, CREDAI Bengaluru, the town’s actual property physique, warned that the revised tax may very well be greater than anticipated.
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BBMP Particular Commissioner (Income) Munish Moudgil stated the revised parking tax part could be decrease than present charges. “We have now standardised the system, and the parking tax has been considerably decreased,” he acknowledged.
Moudgil clarified that the tax relies on UAV charges, not direct tax charges, and supplied the next calculations:
• Residential properties: Rs 600 per 12 months for a parking slot in an residence complicated (20% of UAV × Space × 10 months)
• Business properties: Rs 900 per 12 months for a parking slot in a industrial constructing (25% of UAV × Space × 10 months)
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