- Guidance value of site
- Corner site or facing roads on two sides
- Use of building
- No. of dwelling units
- Types of surface
- Types of drain
- Total site area
- Compound wall area
- Estimation cost
- Floor details
- Road cutting fees details
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We have been giving betterment charges for almost a decade now for our vacant land so let me explain the
betterment charges meaning. In the year 2015, there was the construction of roads, malls and many big showrooms close to our land. As a result of this, the price of our land has appreciated manifolds. In 2009 it was Rs 10 lakhs but in 2015 it rose to Rs 27 lakhs. It is because of the development that the price of land increased and since then we started giving betterment charges to the municipal authorities.
As the term itself suggests, the area near our land got better hence betterment charges got levied on it.
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Is it necessary to give land betterment charges?Land betterment charges are part of the property tax which is paid to the municipal authorities. Non-payment of land betterment charges may land you in trouble.
How to calculate betterment charges?
As Surbhi mentioned, the betterment charges are different for different properties.
You can use a free calculator to calculate it as well just by visiting:
https://bpas.bbmpgov.in/BPAMSClient4/CommonForms/BBMPCalculator.aspx
The betterment charges calculation is done on the basis of the percentage of market value per square meter of the plot so try to know the market value of your property or plot first and then calculate the approx answer.
I hope this has helped you to understand
betterment charges meaning in detail.
Read More:What are property tax and betterment charges?
What is betterment charges?
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To answer your question, I would like to first explain what are betterment charges. These are the charges collected by the civic authorities when the property sees price appreciation because of infrastructural developments such as metro rail availability, retail/ commercial setup, better connectivity, etc.
As per the new amendment, betterment charges are calculated on the basis of the percentage of the market value per square meter of non-agricultural land. The breakdown is as follows:
For residential property: 0.5% subject to a minimum of ₹25/sq.m
For industrial property: 1% subject to a minimum of ₹37.5/sq.m.
For commercial property: 1.5% subject to a minimum of ₹62.5/sq.m.
Others: 0.5% subject to a minimum of ₹25/sq.m.
It is a one-time payment. However, the betterment charges must be paid in case of redevelopment and renovations.
I hope this helps!
How is betterment charges/improvement charges calculated for an apartment? Is it calculated based on UDS or the Built Up area? Is it a one time payment? And if the BC/IC is paid by the builder for land before construction do we need to pay it again for apartment?
dev.jai.ak@gmail.com
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2021-02-08T22:42:40+00:00 2021-05-26T12:38:10+00:00Comment
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