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Our Correspondent

Madurai, Dec. 1 The Tamilnadu Chamber of Commerce and Industry will observe a ‘protest fast’ here on Tuesday urging the Madurai Corporation to bring down the steep hike in property tax.

Addressing a press meet here, Mr S.Rethinavelu, Association Senior President, said despite repeated representations by the Chamber, to bring down the hike in consonance with the other Corporations in the State, the demand has not been accepted.

Despite representation by the councillors of various political parties, including the ruling party, emphasising on the demand, the Corporation, at its meeting held on November 27, did not heed to the request.

The Corporation has been singularly refusing to meet the public bodies on the matter, he said.

Even recognised industrial cities such as Erode and Tirupur have effected a hike of only 25 per cent for commercial buildings and 20 per cent for industrial buildings whereas the Madurai Corporation has been maintaining the range of 75/100/125 percentage. The hike is literally unbearable for new buildings. This would have a cascading effect on rentals and commodity prices in the city and would prove to be a setback to the economy of Madurai. Representatives of various associations and public welfare bodies have assured of their support to the fast, he said.

The Chamber Secretary, Mr N. Jegatheesan, said what was distressing was the calculation of basic value for the buildings without any scientific approach.

Further, more than 20,000 buildings are reportedly to be brought under property tax net and an amount of Rs 68 crore still remained to be collected from big units.

In the present scenario of an economic crisis, the trade and industry are experiencing greater difficulties to maintain themselves and the proposed hike is totally unacceptable, he said.

More Stories on : Industry Associations | Taxation | Real Estate & Construction | Tamil Nadu

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