HYDERABAD: The Greater Hyderabad Municipal Corporation (GHMC) has announced a new one-time settlement (OTS) scheme offering a waiver of 90% of the interest on outstanding property taxes, provided the taxpayer clears the principal amount along with 10% till the end of the financial year 2024-25 in one go.
GHMC expects that the OTS will generate Rs 300-Rs 500 crore in revenue for the financial year 2024-25, which ends on March 31, 2025.
As per the orders issued by the state government, the OTS is applicable only to GHMC limits and not to the more than 140 other urban local bodies across Telangana.
Taxpayers who have paid their entire property tax dues, including interest and penalties up to March 2025, will not lose out — 90% of the amount they paid as interest or penalties on arrears would be adjusted against future payments on property tax.
There are around 19.50 lakh property tax assessments in GHMC limits, including properties owned by the state and Union governments. Of these, around 12.70 lakh have cleared their property taxes to date, while around 6.80 lakh property owners have accumulated arrears to the tune of Rs 10,000 crore.
This includes Rs 3,000 crore in arrears and Rs 7,000 crore in interest on the arrears.
Shockingly, around 1,800 government-owned properties owe the GHMC around Rs 5,500 crore, including arrears and interest on arrears.
The GHMC has set a property tax collection target of Rs 2,000 crore for the financial year 2024- 25. As of March 7, 2025, the corporation collected around 1,550 crore.
The GHMC has announced Property Tax Parishkaram on Saturdays through March. The Parishkarams will redress grievances about property tax, and other tax-related matters. The programme will be conducted at all GHMC circle offices on March 8, 15, 22, and 29.