10 % Development Cess On Land Purchase For Builders Who Buy Cheap Land From Farmers


By djain128, Section Development
Posted on Sat Apr 23, 2005 at 07:10:50 PM EST

The builders who buy land at cheap rates from the farmers will have to pay 10 per cent more development cess on the land.

The Ghaziabad Development Authority has hiked the development cess by 10 per cent from April 1. The actual burden of the increased tax will, however, have to be borne by the common people.

Property prices in Ghaziabad have lately gone sky-high and added to the increased prices will be this hiked development cess imposed by GDA. This will directly disturb the apple cart of middle-class people who will have to shell out more money to purchase flats made by big builders and group housing societies.

The builders, who procure land from farmers in Hindon area, will have to pay Rs 1,678.42 per sq mt and interim development charges Rs 1,118.95 as cess. In Hindon area of Sahibabad, people will have to pay Rs 1,770.60 and interim development Rs 1,200.41 per sq. mt. This amount is 10 per cent higher than the levy payable last year. It will dampen the spirits of those middle and lower middle class people who hope to buy low cost houses.

The builders and group housing developers will have to pay higher tax for development work in the land acquired. The GDA will sanction the layouts and plan only after payment of full taxes by the builders and group housing societies.

Source The Tribune dt 24-4-2005
Development cess on land purchase

< Power & Water pangs persist in Noida- Water-borne diseases on the rise | Indian Handicrafts' Exports Register 25% Growth In 2005 >
Win A Jeans Twice a Week
&
Win A Kurta 7 Days A Week

Login

Make a new account

Username:
Password:
submit story | create account | faq | search