All properties in Telangana to get 5% rebate in tax with out upper limit
New Delhi: Telangana state government has extended its Early Bird Scheme (EBS) to all kinds of properties- residential, non-residential and even commercial properties in the entire states without any upper tax upper limit entitling them for a rebate.
The property owners can now get five percent rebate in the scheme this fiscal. They will be allowed to pay taxes up till 31 May 2020.
Around 2.5 lakh commercial properties are expected to benefit from the move. The owners of about 50,000 mixed properties and around 10,000 residential properties will also get benefitted.
A circular has been issued by Municipal Administration & Urban Development Department (MAUD) regarding the extension of EBS, brining relief to all property owners.
So far, the rebate of five percent was applicable only to property tax assessments with a maximum limit of Rs 30,000 per annum. This was for all the urban local bodies of the state and even the GHMC.
But now those property whose property tax is more than Rs 30,000 per year can also get benefit under the EBS scheme.
Various state governments and municipalities are looking at ways of giving some relaxations to property owners in the wake of the ongoing corona virus pandemic which has affected the businesses and economic activity. The prices of properties are expected to fall even after the lockdown is lifted and there will, be loss of rents too.
There are already reports of prospective property buyers asking for discounts and schemes from builders for purchase of new property. Even the tenants are asking for rent waivers from landlords. Some landlords are willing to give some exemptions in rents to the tenants. However, some landlords are adamant on charging full rent without any relaxation to the tenants.