New Town will pursue KMC’s UAA (Unit area assessment) system of tax calculation to determine annual property valuation of townships of New Town area. The urban development department has formed a committee to look after this entire tax calculation process of this very area. NKDA (New Town Kolkata, Development Authority West Bengal) is expected to introduce new tax calculation norms in couple of months.
NKDA will soon introduce a six member committee, which will be headed by the member secretary of NKDA and will have the NKDA CEO, administrative officer, finance officer, a West Bengal Valuation Board representative and an economist from an eminent organization or organization to be nominated by NKDA.
This panel will be in power for a period of 5 years and will discuss every step of their plan of action with officials of government departments, institutions and local administrations who are involved (directly/indirectly) in this process and having adequate knowledge in the field of annual tax collection system of New Town area.
Highlighting the efficiency of UAA the MD of Somani Realtors PVT. LTD. Kolkata Mr. Mahesh Somani said, “UAA is a restricted and fair tax calculation system which will legitimize the entire property valuation and vest citizen by providing prospects for self assessment.”
Hence, UAA can be varied from 11-14% based on the entire property valuation. Not only Kolkata, every major city of India have been undertaken exercise for introduction of Area Based Property Tax system which is commonly known as UAA in Kolkata.
NKDA thinks that UAA process is really compatible with the growing up green township of New Town area. Factors like current market price of land and permitted carpet area ratio for commercial plots in Newtown are being taken into consideration of the new tax structure. New Town will provide online tax collection system to the residents which will be evaluated by the property valuation committee. Following that, a draft notification will be issued soon.
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