By IANS,
New Delhi : The people residing in close proximity to Metro lines may have to shell out more by way of property tax if the urban development ministry suggestion to state governments is implemented.
The ministry has sought the state governments’ opinion on levying additional taxes on land transactions near the Metro corridors.
“This is one of the innovative methods to generate funds for the development of infrastructure of Metro as we cannot maintain Metro by just printing the currency,” Urban Development Secretary Sudhira Krishna told reporters here.
According to the proposal, people who own property within 500 metres of Metro line should pay the extra tax.
Krishna said it is only a suggestion to the state governments as the central government has not taken any decision on this.
It is also proposed that 10 per cent property tax may also be imposed on additional floor area ratio (FAR) permitted along the Metro lines.