To measure the yearly valuation of property in and property tax for flats in Rajarhat and other properties of New Town The urban development department has added up to a committee. New Town Kolkata, Development Authority West Bengal (NKDA) is projected to launch unit area system of tax arrangement for the township within coming few months.
The six-member committee will be administrated by the member secretary of NKDA and will have NKDA CEO, executive officer, finance officer, a representative from West Bengal Valuation Board and an economist nominated by NKDA from an upright business organization.
This panel will be grappled for 5 year period and it will take counsel from the government officials of individual departments, institutions and local governing authorities that have in hands in this related field to come up with the annual assessment of property and property tax within New Town.
As per NKDA officials, Newtown is still experiencing the development process of green townships all around. Ongoing market price of land and permitted floor area ratio for commercial plots are being taken into contemplation for upcoming tax structure.
The valuation board has already introduced unit area system tax structure which will now be surveyed by the property valuation committee. Pursuing that, a draft notification will also be issued. Previously, after getting permitted by the state government NKDA has asked the state valuation board to make an annual valuation of the properties of New Town townships. The authorities have decided to follow unit area assessment system like KMC, as it gels well with the smart city concept.
UAA is a complex process and it varies on the valuation of property to property by 11-14%. UAA system is calculated on the basis of this following formula-
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