Chennai Civic Body Aims to Recover Loans from Property Defaulters
CHENNAI: The Greater Chennai Corporation (GCC) has recently addressed a letter to the Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI) regarding the low property tax collection, which stood at only 80% in the last financial year. The GCC is seeking directions that would require banks and financial institutions to include pending property tax dues when recovering loans from borrowers. To further enhance recovery rates, the GCC has also requested CERSAI to connect property tax defaults with CIBIL ratings and advise banks to deduct the owed amounts directly. GCC Commissioner G S Sameeran highlighted that there…