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Procedure for conversion of residential property into commercial
13-Jun-2023 (In Civil Law)
Hi We have a property in L a residential one. We need to convert to commercial. what is the process and what is the difference in property tax ?
hello,
Check with nearest BBMP office if this can be commercially converted. IF so, there is a processing fee and higher taxes. You can plan for shops or any permissible commercial activities.
Commercial viability to the authority depends on the width of the plot. The discretion to convert a residential plot to a commercial plot is with development authorities like BBMP/BDA/BMRDA/APA/HPA etc. If the plot is facing a 60ft wide road or higher width, it's a lot easier to obtain commercial approval.
There is Comprehensive Development Plan (CDP) which clears demarcates commercial and residential areas. Don't try to convert any residential area property into commercial. It will lead to a lot of harassment and legal issues and BBMP guys will squeeze your blood out of you. If the road is 40ft and above, there is a chance of commercial. Check CDP for clarity.
Check with nearest BBMP office if this can be commercially converted. IF so, there is a processing fee and higher taxes. You can plan for shops or any permissible commercial activities.
Commercial viability to the authority depends on the width of the plot. The discretion to convert a residential plot to a commercial plot is with development authorities like BBMP/BDA/BMRDA/APA/HPA etc. If the plot is facing a 60ft wide road or higher width, it's a lot easier to obtain commercial approval.
There is Comprehensive Development Plan (CDP) which clears demarcates commercial and residential areas. Don't try to convert any residential area property into commercial. It will lead to a lot of harassment and legal issues and BBMP guys will squeeze your blood out of you. If the road is 40ft and above, there is a chance of commercial. Check CDP for clarity.
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Adv. Rahul Mishra
Lucknow | 100+ Answers
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How do you convert commercial land?
Proof of ownership:
Copy of the sale deed if applicable
Copy of the title deed.
RTC (Record of Rights, Tenancy and Crops)
If the land was inherited, a copy of the partition deed is required.
Copy of the mutation certificate
Copy of the survey map
Copy of Land Record
How can I save tax on my commercial property?
Income Tax Act allows two types of deductions for income from commercial properties (annual value). These are a standard deduction, and a deduction for interest on loan under Section 24. I. Standard deductions for electricity, water, repairs, insurance etc. The standard deduction is 30% of the annual value.
What is the tax difference between residential and commercial property?
Residential property taxes tend to be lower than commercial property tax rates. Commercial property taxes also depend on the assessed value, but are often higher. 15 Apr 2023
How do you convert commercial property to residential?
When you are ready, its time to submit a rezoning application. Your local planning department will provide you with the necessary paperwork. The costs can vary from hundreds to thousands of dollars depending on where you live.
Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at lawrato.com and has been responded by one of the Divorce Lawyers at lawrato.com to address the specific facts and details.
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