• Source:JND
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New Parking Tax System: Bruhat Bengaluru Mahanagara Palike (BBMP) announced a new property tax calculation method for parking spaces in residential and commercial properties across Bengaluru. While releasing the advisory, the civic body claimed that the recent changes will not increase the overall amount. The BBMP also sought public opinions on March 29 by issuing a draft notification in this regard; however, very few residents could add inputs due to the less time.

While the new method is likely to benefit shopping malls and other similar spaces, it is likely to increase the burden on homeowners. The civic body has announced the new method based on unit area value (UAV), which is calculated as rupees per square foot per month. The calculation is based on the expected returns from the property, which depend on several factors such as location and its usage.

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The advisory from the civic body suggested that the residential building owners in the Silicon City will be charged 20 per cent of the parking at Rs 2 per sq feet for 10 months under the latest UAV rates. Apart from this, the UAV will be charged 25 per cent of the parking space for non-residential areas for the same period of time.

While announcing the budget for the upcoming financial year, the BBMP allowed the property owners to have stilt floors of up to 4.5 meters. The civic body further stated that it will not be included in the total building height calculation. The authorities stated that the step was taken to promote multi-level mechanical parking.

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"To tackle the issue of vehicles parked on roads, BBMP has increased the permissible stilt height to 4.5 metres while excluding it from overall building height calculation. This will encourage multi-level mechanical car parking within premises, which will be treated as a single parking unit," Special Commissioner (Finance) Harish Kumar said during the budget announcement.