Hyderabad's Property Tax Dues: GHMC Offers 90% Interest Waiver

Hyderabad: The Greater Hyderabad Municipal Corporation (GHMC) has announced a new one-time settlement (OTS) scheme offering a significant discount on outstanding property taxes. This move aims to encourage property owners to clear their dues and boost the city's revenue.

Key Highlights:

90% Interest Waiver: The most attractive feature is a 90% waiver on accumulated interest on unpaid property taxes. This substantial discount will significantly reduce the financial burden for property owners with outstanding liabilities.

Potential Revenue Boost: The GHMC anticipates generating approximately ₹1,150 crore through this OTS scheme. The total outstanding property tax dues in Hyderabad are estimated at around ₹4,000 crore.

Implementation Timeline: The scheme is expected to be launched in February 2024, subject to approval from the state government.

Benefits for Property Owners:

Reduced Financial Burden: The 90% interest waiver provides a significant financial relief for property owners facing difficulties in clearing their outstanding dues.

Opportunity to Clear Liabilities: This scheme offers a convenient opportunity for property owners to settle their tax obligations without incurring a heavy financial penalty.

Benefits for the GHMC:

Increased Revenue: The OTS scheme is expected to generate substantial revenue for the GHMC, which can be utilized for various urban development projects.

Improved Financial Health: By recovering a significant portion of outstanding dues, the GHMC can improve its overall financial health and sustainability.

A Win-Win Proposition:

The GHMC's OTS scheme presents a win-win situation for both the city and its property owners. It offers a much-needed financial relief for taxpayers while providing the GHMC with a crucial revenue boost.

The GHMC is expected to release further details regarding the OTS scheme in the coming weeks. Property owners are advised to stay tuned for official announcements and guidelines.

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