New Delhi: Property tax rates may rise up marginally in Delhi if the report of the MCD’s fifth Municipal Valuation Committee (MVC) is executed which puts forward a 37% increase in base unit area value, an official statement on Wednesday.
The fifth MVC has presented its interim report to the MCD, and it has now been put forward in the public domain to invite feedback, they said.
“Delhi will increase its property prices marginally after the report of the fifth MVC is executed. The report is yet to be executed as public comments and inspections have been invited. A public notice in this connection has also been issued,” MCD Director (Press and Information) Amit Kumar told PTI.
The civic body also posted a statement saying the base unit area values were executed by the first MVC in 2004 which has remained untouched for the last 18 years.
It said the fifth MVC has suggested “no change” in the current cataloging of colonies. However, considering the growth done in the latest times in the city, it has executed the airport authority area, including Aerocity, be made a separate colony and put it in catalog ‘D’.