Delhi high street retailers push NDMC to slash property tax from 25% of rent to MCD-aligned 2-3%
New Delhi Traders Association is lobbying NDMC to rework property tax on Khan Market and Connaught Place retailers, citing a 25% of rent levy versus MCD's 2-3%. CP ranks 24th globally at $223/sq ft/year with 3% rental growth projected in 2025. A gazette notification aligning rates remains unimplemented.
Retailers in Delhi's premium high streets Khan Market and Connaught Place are urging NDMC to align property tax rates with MCD's 2-3%, versus the current 25% of rent, citing a gazette notification yet to be implemented.