The way forward: Knight Frank India has asked the Kozhikode Corporation to prepare guidelines for charging taxes on larger projects, especially those with built-up area of above 2,00,000 square feet.
The Knight Frank team has offered technical assistance for developing a value capture financing (VCF) framework to efficiently capture the additional land and property value being generated through public investments.
| Photo Credit: K_RAGESHWith the State Cabinet deciding on a 20% cut in the annual Plan outlay, the Kozhikode Corporation will have no other go but to implement the proposals of London-based property consultant Knight Frank India to raise revenue to meet the expenses of the civic body.
Both Mayor Thottathil Raveendran and Deputy Mayor Meera Darshak, who is also the chairperson of the finance standing committee, have remained non-committal to further revision of property tax.
RevisionIncidentally, the tax was revised with retrospective effect from April 1, 2013, based on State government guidelines.
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