Society redevelopment

Franklyn (Querist) 12 September 2024 This query is : Resolved
Dear Sirs/Madams,
After redevelopment of a CHSL in Mumbai, does the Property Tax rate for all members new and old get calculated at a new prevailing rate or old members continue to pay at the old rate?
Seek your kind response.
Thank you

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Following the redevelopment of a CHSL in Mumbai, property tax is calculated based on the new, prevailing rates for all members, both new and old. If the redeveloped property's measurements are larger than the original, tax will be applied to these new measurements. The content also touches upon the concept of a 'Letter of Consent' for redevelopment, which signifies members' agreement to demolish and rebuild, and the possibility of granting a Power of Attorney for decision-making.

kavksatyanarayana (Expert) 12 September 2024
In redevelopment, if the extent is higher than the previous measurement, you have to pay tax on the new measurements.

Franklyn (Querist) 12 September 2024
Thank you for the response

T. Kalaiselvan, Advocate (Expert) 12 September 2024
The letter, as the name suggests, is a written consent given by the members for going ahead with the demolition of their existing building and constructing a new building.
This is more of an administrative element. He may not be physically present to be part of the documentation and negotiations. But he can always give the power of attorney to a close relative or trust-worthy friend who can take crucial decisions on his behalf.

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