The SCB will lose property tax of nearly 70 crore, a lion’s share of its revenue, due to construction of the two skyways in Cantonment.
SCB tax department, which assessed the revenue loss, submitted a report to the government and urged the state to compensate it by paying it in the form of either surcharge or annual rental lease.
“As per HMDA’s master plan, 60 metres of right of wayhas been earmarked on both sides of the proposed road from S P Road (near Martyrs Memorial, Parade Ground) to Shamirpet (connecting to ORR) on Rajiv Rahadari (State Highway 1) and Paradise Circle to Kandlakoya (National Highway 44) in the Cantonment jurisdiction. As a result, many properties will be affected as part of land acquisition and the state government has to pay compensation to the land oustees,” said an SCB tax department official.
The skyways will pass through major commercial areas like Trimulgherry, Karkhana, Lalbazar, Lothukunta, Bolarum, Bowenpally, Tadbund X Roads and other areas. “The Board, which depends on property taxes from hoardings, etc, for revenue will suffer major revenue loss,” said the official.