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
Real Estate

Birla Estates Tops Global GRESB 2025 Rankings

Birla Estates (BEPL), a wholly owned subsidiary of Aditya Birla Real Estate (formerly Century Textiles and Industries Limited), has been recognised as a Sector Leader in the 2025 GRESB Real Estate Assessment, securing top honours across multiple global and regional categories.Birla Estates’ Achievements in GRESB 2025:Global Sector Leader – ResidentialGlobal Sector Leader – Non-Listed ResidentialRegional Sector Leader – Asia – ResidentialRegional Sector Leader – Non-Listed – Asia – ResidentialThese distinctions reaffirm Birla Estates’ exceptional performance in Environmental, ..

Next Story
Infrastructure Transport

Progota India Secures RDSO Clearance for Kavach 4.0

Concord Control Systems, one of India’s leading manufacturers of embedded electronic and critical system solutions, announced that its associate company, Progota India, has received Technical Prototype Clearance from the Research Designs and Standards Organisation (RDSO) for Kavach 4.0, the latest version of Indian Railways’ indigenous Automatic Train Protection (ATP) system.With this clearance, Progota has been formally approved to execute its ongoing trial order from South Central Railway, marking a key milestone in India’s railway modernization journey. The approval also establishes P..

Next Story
Infrastructure Urban

MPS Interactive Systems Completes Full Acquisition of Liberate Group

MPS Interactive Systems (MPSi), a material subsidiary of MPS, has completed the acquisition of the remaining shareholding in the Liberate Group of Companies—comprising Liberate Learning, App-eLearn, and Liberate eLearning.With this transaction, MPSi now holds 100 per cent ownership of all entities within the Liberate Group, making them its wholly owned subsidiaries. The acquisition was executed in line with the valuation methodology defined in the original transaction documents.Commenting on the development, Rahul Arora, Chairman and CEO of MPS, said, “The corporate learning sector continu..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?