BBMP to extend the OTS tax facility to khata-less properties
Real Estate

BBMP to extend the OTS tax facility to khata-less properties

The owners of more than 0.5 million khata-less homes in the city will soon have the chance to take advantage of Bruhat Bengaluru Mahanagara Palike's (BBMP) one-time settlement (OTS) initiative and pay their property tax debts in order to avoid fines and interest. According to BBMP officials, the rollout of the March OTS was delayed due to the Lok Sabha elections. It is anticipated that the scheme will generate between Rs 8 billion and Rs 10 billion annually. Munish Moudgil, special commissioner (revenue), stated that approximately 0.7 million properties in the city are currently outside the property tax net. Recently, Deputy Chief Minister DK Shivakumar issued an order to bring these properties into the tax net by offering them special incentives. Moudgil explained that some property owners who had not obtained khata from BBMP were not paying property tax. He mentioned that these owners could submit an online application and receive a provisional tax number. They would have the opportunity to pay their taxes by July 31, the deadline for the OTS scheme, thereby potentially saving significant amounts on penalties and interest. Subsequently, revenue officials would verify the documents and issue a khata within three months. Any excess amount paid by property owners would be adjusted against the following year's tax liabilities. Regarding the process, Moudgil outlined that property owners would log into BBMP's property tax SAS system using their mobile number and OTP. They would enter the registered sale deed or transfer deed number, and based on this information, details including property ownership and encumbrance certificates would be fetched from KAVERI-2. Property details such as photographs, GPS coordinates, and addresses would also need to be entered. Verification would compare owner details with Aadhaar data against purchaser names obtained from KAVERI-2. If a match was found, owners could proceed to pay their property taxes. In cases of mismatches, the matter would be referred to an authorised revenue officer (ARO) or designated officer for review and decision-making. Upon confirmation of details and matching criteria, a temporary SAS number would be generated for the property in the system. Owners would then complete Form 3 to provide property usage details and make payments covering applicable taxes, interest, and penalties under the OTS scheme.

The owners of more than 0.5 million khata-less homes in the city will soon have the chance to take advantage of Bruhat Bengaluru Mahanagara Palike's (BBMP) one-time settlement (OTS) initiative and pay their property tax debts in order to avoid fines and interest. According to BBMP officials, the rollout of the March OTS was delayed due to the Lok Sabha elections. It is anticipated that the scheme will generate between Rs 8 billion and Rs 10 billion annually. Munish Moudgil, special commissioner (revenue), stated that approximately 0.7 million properties in the city are currently outside the property tax net. Recently, Deputy Chief Minister DK Shivakumar issued an order to bring these properties into the tax net by offering them special incentives. Moudgil explained that some property owners who had not obtained khata from BBMP were not paying property tax. He mentioned that these owners could submit an online application and receive a provisional tax number. They would have the opportunity to pay their taxes by July 31, the deadline for the OTS scheme, thereby potentially saving significant amounts on penalties and interest. Subsequently, revenue officials would verify the documents and issue a khata within three months. Any excess amount paid by property owners would be adjusted against the following year's tax liabilities. Regarding the process, Moudgil outlined that property owners would log into BBMP's property tax SAS system using their mobile number and OTP. They would enter the registered sale deed or transfer deed number, and based on this information, details including property ownership and encumbrance certificates would be fetched from KAVERI-2. Property details such as photographs, GPS coordinates, and addresses would also need to be entered. Verification would compare owner details with Aadhaar data against purchaser names obtained from KAVERI-2. If a match was found, owners could proceed to pay their property taxes. In cases of mismatches, the matter would be referred to an authorised revenue officer (ARO) or designated officer for review and decision-making. Upon confirmation of details and matching criteria, a temporary SAS number would be generated for the property in the system. Owners would then complete Form 3 to provide property usage details and make payments covering applicable taxes, interest, and penalties under the OTS scheme.

Next Story
Infrastructure Urban

Shoals' Q3 2024 revenue falls 23.9% due to project delays, supply chain

Shoals Technologies Group, a U.S.-headquartered manufacturer of electrical balance of systems (EBOS) for solar, energy storage, and e-mobility, reported a 23.9% year-over-year (YoY) decline in revenue, which dropped to $102.2 million in the third quarter (Q3) of 2024. This decline was mainly attributed to project delays and supply chain disruptions. The company posted a net loss of $300,000, a significant improvement compared to the $9.8 million net loss in Q3 2023. Adjusted net income was reported at $13.9 million, reflecting a 58.2% YoY decrease. Adjusted EBITDA stood at $24.5 million, a 4..

Next Story
Infrastructure Energy

FTC Solar sees 67% YoY decline in Q3 revenue from lower volumes

FTC Solar, a U.S.-based provider of solar tracker systems, reported a revenue of $10.14 million in the third quarter (Q3) of 2024, surpassing analyst expectations by $240,680. However, this figure marked a 66.8% year-over-year (YoY) decline compared to the same quarter in 2023, primarily attributed to reduced product volumes. The decline in solar tracker revenue was mainly due to an 82% decrease in the amount of MW produced, which was negatively impacted by delays in customer projects. This was partially offset by an increase in the average selling price (ASP), which led to better pricing an..

Next Story
Infrastructure Urban

Dilip Buildcon wins bid for BharatNet Phase III broadband project

Dilip Buildcon announced on Tuesday, November 12, that its STL-DBL consortium had submitted the lowest bid for BSNL's BharatNet Phase III broadband connectivity project. The USOF-funded project, which aims to provide middle and last-mile connectivity in Jammu Kashmir and Ladakh, is valued at Rs.1,625.36 Crore. Dilip Buildcon holds a 70.23% stake in the implementation of the project. The project is expected to be completed in three years, and the corporation will secure a 10-year maintenance contract. In recent days, BSNL has awarded several contracts for the BharatNet project. On Monday, No..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000