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NO PROPERTY TAX UNDER SRA FOR FIVE YEARS

sra-2More sops are on the way to lure slum dwellers towards redevelopment. The government has decided that the tenants of the redevelopment project will be exempted from property tax for the first five years. Its all glees and smiles for the developers and tenants under the SRA scheme. Clearly luring them in for development, the government is trying out every attempt. For one, the State’s housing ministry plans to shift the onus of maintenance of elevators and other common spaces in buildings and rehabilitating slum dwellers with the developer for 10 years. What’s more, tenants will be exempted from property tax for the first five years. Currently, tenants under the Slum Rehabilitation Authority (SRA) are liable to pay only 20 per cent of the applicable property tax in the area for the first five years. Stating that a notification to this effect could be issued in a fortnight, Sachin Ahir, State Minister for Housing said that they also plan to increase the developers’ corpus per tenant from Rs 20,000 to Rs 25,000 after formation of a society. As well as carry out a third party audit every two to three years. However, urban planners, are calling this a mere hogwash. They say that none of these measures will help in the long run. The government needs to make serious policy changes, if the SRA scheme is to succeed in the long run. Bureau report NMTV News.

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