New Delhi, Jan 19 (PTI) To make up for the lossessuffered by traders in Connuaght Place during its long-windingredevelopment project, the NDMC has decided to give a 20 percent rebate on property tax for them for a two-year period.
The New Delhi Municipal Council (NDMC) had completed thefirst phase of the redevelopment work in the city''s heritageshopping district just before the Commonwealth Games inOctober last year.
Due to the project, which went on for 15 months makingthe area nearly inaccessible for customers, they sufferedheavy losses, says the New Delhi Traders'' Association.
The NDMC has decided to offer the shopkeepers a rebate of20 per cent in property tax which will be applicable for2010-11 and 2011-12, officials said.
The NDTA had earlier demanded a rebate in tax to make upfor their losses. They claimed that in the last 15 months,while the Cannaught Place restoration was going on, theygenerated revenue of Rs 624.75 crore compared to the Rs1,308.75 crore in the 15-month period before that.
The civic agency will continue with the redevelopmentwork in the area for two more years. In this phase, eight newsubways in the Outer Circle and a tunnel in the Middle Circlewill be constructed.