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BMC SEEKS DUES WORTH RS 96 CRORE FROM 11 BUILDERS

BMCBMC will serve notices to 11 developers for evasion of taxes worth Rs 96 crore to be paid to the civic body for redevelopment projects on its land. The 11 developers have been given 15 days to pay up the amount or will have to face cancellation of their building permissions. The builders have to pay “capitalised value”, which is calculated on the basis of ready reckoner rates to BMC. Ten per cent of this has to be paid once the commencement certificate for the project is issued while the remaining 90 per cent is paid after the project gets an Occupation Certificate. A recent audit revealed that the developers have paid only 10 per cent of the money due.

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