+
Delhi civic body garners Rs 21.37 bn property tax in FY24
Real Estate

Delhi civic body garners Rs 21.37 bn property tax in FY24

The Municipal Corporation of Delhi reported a decrease in property tax collection during the financial year 2023-24 compared to the previous fiscal year.

It was noted that in the fiscal year 2022-23, the civic body had managed to collect Rs 24.17 billion, whereas in 2023-24, the collection dwindled to Rs 21.37 billion, marking a decrease of Rs 2.80 billion. Additionally, the number of taxpayers also saw a decline, dropping from 1.3 million in 2022-23 to 12.58 lakh in 2023-24.

These collection figures, falling significantly short of the target set at Rs 35 billion in the 2023-24 budget, were met with disappointment by the MCD since property tax stands as a significant revenue source. Officials attributed the decline in collection to the absence of an amnesty scheme this year.

An MCD official recalled, In contrast to FY 2023-24, during the previous financial year (2022-23), we introduced the Samriddhi scheme, which entailed the waiver of all penalties on the payment of the principal amount for the current year and the preceding five years for residential properties, and the current year and preceding six years for commercial properties. This scheme resulted in an additional collection of Rs 4 billion.

Regarding the decrease in the number of taxpayers, the official explained that the amnesty scheme had prompted many individuals to step forward and settle their past dues. However, with no such scheme implemented this year, they are refraining from payment and awaiting the opportune moment, the official added.

MCD reported undertaking various efforts to bolster collection, including sending notices to major defaulters, expanding the tax base, and conducting property assessments based on documented evidence such as electricity bills.

Leader of the opposition and BJP councilor Raja Iqbal Singh remarked that the collection figures revealed the mayor and AAP's assertions that the number of taxpayers had risen in the initial quarter. MCD exhibited confidence. However, it did not transpire, raising doubts about their endeavours. The decrease in collection is attributed to corruption, and people are beginning to lose faith in the party, he asserted.

The Municipal Corporation of Delhi reported a decrease in property tax collection during the financial year 2023-24 compared to the previous fiscal year. It was noted that in the fiscal year 2022-23, the civic body had managed to collect Rs 24.17 billion, whereas in 2023-24, the collection dwindled to Rs 21.37 billion, marking a decrease of Rs 2.80 billion. Additionally, the number of taxpayers also saw a decline, dropping from 1.3 million in 2022-23 to 12.58 lakh in 2023-24. These collection figures, falling significantly short of the target set at Rs 35 billion in the 2023-24 budget, were met with disappointment by the MCD since property tax stands as a significant revenue source. Officials attributed the decline in collection to the absence of an amnesty scheme this year. An MCD official recalled, In contrast to FY 2023-24, during the previous financial year (2022-23), we introduced the Samriddhi scheme, which entailed the waiver of all penalties on the payment of the principal amount for the current year and the preceding five years for residential properties, and the current year and preceding six years for commercial properties. This scheme resulted in an additional collection of Rs 4 billion. Regarding the decrease in the number of taxpayers, the official explained that the amnesty scheme had prompted many individuals to step forward and settle their past dues. However, with no such scheme implemented this year, they are refraining from payment and awaiting the opportune moment, the official added. MCD reported undertaking various efforts to bolster collection, including sending notices to major defaulters, expanding the tax base, and conducting property assessments based on documented evidence such as electricity bills. Leader of the opposition and BJP councilor Raja Iqbal Singh remarked that the collection figures revealed the mayor and AAP's assertions that the number of taxpayers had risen in the initial quarter. MCD exhibited confidence. However, it did not transpire, raising doubts about their endeavours. The decrease in collection is attributed to corruption, and people are beginning to lose faith in the party, he asserted.

Next Story
Infrastructure Energy

MSRDC to Power Samruddhi Expressway with Renewable Energy

The Hindu Hrudaysamrat Balasaheb Thackeray Maharashtra Samruddhi Mahamarg (HHBTMSM), popularly known as the Samruddhi Expressway, is set to become more than a high-speed corridor between Mumbai and Nagpur. Soon, it will also double as a renewable energy hub.The Maharashtra State Road Development Corporation (MSRDC) has launched plans to install hybrid power systems—solar panels paired with wind turbines—along the 701-km stretch. A special purpose vehicle, Mahasamruddhi Renewable Energy Limited, has been incorporated to implement the project.The initiative targets 150–200 MW of solar powe..

Next Story
Infrastructure Energy

Jakson Engineers to Set up Rs 80 Bn Solar Manufacturing Hub in Madhya Pradesh

Jakson Engineers, part of the Jakson Group, has announced an investment of over Rs 8,000 crore to establish a 6 GW integrated solar module, cell and wafer plant at Maksi Phase II, Madhya Pradesh. This marks the largest solar manufacturing investment in the state to date.The project will be developed in two phases across 110 acres recently allotted to the company. In Phase I, Jakson will commission 3 GW of solar modules and 3 GW of solar cells with an investment of Rs 20 billion. Phase II will add a 6 GW solar wafer unit along with an additional 3 GW each of modules and cells, involving an inve..

Next Story
Infrastructure Energy

Adani Green Energy Upgraded To AA ‘Stable’ By CareEdge

Adani Green Energy (AGEL), India’s largest renewable energy developer, has received a credit rating upgrade from AA- to AA with a ‘Stable’ outlook by CareEdge Ratings.The agency cited AGEL’s market leadership, execution capabilities, and strong operational and financial profile as key drivers of the upgrade.As of June 30, 2025, AGEL had an operational portfolio of 15.8 GWAC, comprising 70 per cent solar, 13 per cent wind, and 17 per cent hybrid assets. The company is also developing another 15.1 GWAC over the next four to five years, including large-scale projects in Khavda, Gujarat, w..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?