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Sunday, March 16, 2008

Chennai House Rental due for further hike

Chennai residents occupying rental houses may get ready for further hike in rent due to the recent announcement by State Government of Tamilnadu to increase the property tax with effect from April 2008. The proposed increase would be in the range of 25% for residential properties, 100% for Industrial establishments and 150% for commercial buildings. The GO has provided detailed guidelines for the valuation of the properties and included even the vacant land properties in the revision. The revision is applicable to entire Tamilnadu with valuation guidelines as applicable to respective region and type of property. The entire process is planned get completed by June 2008.
The bottom line is that every individual house owner, business owner and tenant should realign their budget to meet this additional expense from April 2008 onwards.

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