+
 North civic body rejects proposal to increase property taxes
Real Estate

North civic body rejects proposal to increase property taxes

On Wednesday, the standing committee of the BJP-led North civic body did not inflict any new tax and rejected an offer in its budget 2022-23 to increase residential and commercial property taxes, even though the municipality is in an acute financial crisis and has not been able to pay its employees for months.

The North Delhi Municipal Corporation additionally decided not to sanction the Commissioner's plan to decrease rebate on property taxes by 5%. The decision by the civic group's standing committee comes ahead of the civic polls due this year.

North Delhi Municipal Corporation Commissioner Sanjay Goel, in his budget 2022-23 presentation on November 25, 2021, had planned to boost the property tax by 2% and decrease the tax rebate from the existing 15% to 10%. He had said that these decisions would boost the financial condition of the municipality.

Presenting the updated budget estimates, North Corporation Standing Committee Chairman Jogi Ram Jain said that no new tax is being planned in the civic body's budget. As people are still not over the Covid-19 pandemic and it has badly affected the financial condition of the public, the proposal to decrease the rebate from 15% to 10% by Commissioner North DMC was not accepted. Proposal to raise the property tax by 2% as recommended by the Commissioner is additionally not being accepted by the Standing Committee. Jain additionally said that to further give comfort to residents, a substantial part of the increased property tax on Municipal Valuation Committee-3 (MVC-3) basis has also been removed by the North DMC.

As per the North Delhi Municipal Corporation, the updated budget estimates for the year 2021-22 reached Rs 7,818.66 crore, while the budget estimate for the year 2022-23 reached Rs 7,504.91 crore. Jain told the media that the civic body is additionally striving to increase its health infrastructure at the time of the pandemic. Over 500 LMO (Liquid Medical Oxygen) based oxygen beds provision is being made for all North DMC Hospitals.

Image Source

On Wednesday, the standing committee of the BJP-led North civic body did not inflict any new tax and rejected an offer in its budget 2022-23 to increase residential and commercial property taxes, even though the municipality is in an acute financial crisis and has not been able to pay its employees for months. The North Delhi Municipal Corporation additionally decided not to sanction the Commissioner's plan to decrease rebate on property taxes by 5%. The decision by the civic group's standing committee comes ahead of the civic polls due this year. North Delhi Municipal Corporation Commissioner Sanjay Goel, in his budget 2022-23 presentation on November 25, 2021, had planned to boost the property tax by 2% and decrease the tax rebate from the existing 15% to 10%. He had said that these decisions would boost the financial condition of the municipality. Presenting the updated budget estimates, North Corporation Standing Committee Chairman Jogi Ram Jain said that no new tax is being planned in the civic body's budget. As people are still not over the Covid-19 pandemic and it has badly affected the financial condition of the public, the proposal to decrease the rebate from 15% to 10% by Commissioner North DMC was not accepted. Proposal to raise the property tax by 2% as recommended by the Commissioner is additionally not being accepted by the Standing Committee. Jain additionally said that to further give comfort to residents, a substantial part of the increased property tax on Municipal Valuation Committee-3 (MVC-3) basis has also been removed by the North DMC. As per the North Delhi Municipal Corporation, the updated budget estimates for the year 2021-22 reached Rs 7,818.66 crore, while the budget estimate for the year 2022-23 reached Rs 7,504.91 crore. Jain told the media that the civic body is additionally striving to increase its health infrastructure at the time of the pandemic. Over 500 LMO (Liquid Medical Oxygen) based oxygen beds provision is being made for all North DMC Hospitals. Image Source

Next Story
Infrastructure Urban

Naidu Seeks Rs 563 Crore For AP Sports Infrastructure

Andhra Pradesh Chief Minister N Chandrababu Naidu has sought Rs 563 crore from the Centre to boost sports infrastructure in the state, including Rs 538 crore for stadium development and Rs 25 crore to host the Khelo India Martial Arts Games 2025. Naidu made the request during a meeting with Union Youth Services and Sports Minister Mansukh Mandaviya in New Delhi on Wednesday.The CM urged early completion of Khelo India infrastructure projects in Tirupati, Rajahmundry, Kakinada, and Narasaraopeta, and called for an international-standard badminton training centre and a national aquatic sports hu..

Next Story
Infrastructure Transport

Tough Bidding Norms Slow NHAI Road Project Awards

Stringent bidding rules imposed by the Ministry of Road Transport & Highways (MoRTH) have led to a slowdown in project awards by the National Highways Authority of India (NHAI), despite a robust Rs 3.5 trillion pipeline. According to an HDFC Securities report, the shift to more cautious developer models now favours firms with strong balance sheets, as tighter qualification norms limit aggressive bidders.The revised norms mandate additional performance security, targeting the exclusion of players that previously submitted low bids—often 25 to 40 per cent below NHAI cost estimates—raisin..

Next Story
Infrastructure Transport

Mumbai Gets Coastal Nod for Next Promenade Phase

As Mumbai prepares to open two major sections of its expansive seafront promenade this week, the city’s civic authority has secured a key coastal clearance to advance further construction. The Maharashtra Coastal Zone Management Authority (MCZMA) has approved the commencement of work on the segment between Haji Ali and Baroda Palace, with tendering expected soon after project cost assessments.The promenade, stretching 7.5 km in length and 20 metres wide, is being designed as a flagship open space for walkers, joggers, and cyclists. Two critical stretches—2.75 km from Tata Garden to Haji Al..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?