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80% Commercial properties wrongly estimated for stamp duty by SMC
SMC may conduct an assessment drive for the properties all over again because according to vigilance staff after their second random survey, 80 per cent of them have been wrongly assessed out of 1.75 lakh commercial properties registered. This has resulted in a huge revenue loss to the SMC.
The first random surveys showed that over 45 per cent of the properties were undervalued. This figure jumped when the second random survey was carried out in the seven zones. In the last year ending against a demand of Rs 221 crore, the recovery was 94 per cent at Rs 207 crore for a total of 10.5 lakh commercial and residential properties.
According to experts, the collection of property tax from commercial properties was about Rs 151 crore but if the assessment had been done properly then this figure could have gone up to Rs 225 crore.