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
Real Estate

Dharavi Rising

Dharavi, Asia’s largest informal settlement, stands on the cusp of a historic transformation. With an ambitious urban renewal project finally taking shape, millions of residents are looking ahead with hope. But delivering a project of this scale brings immense challenges – from land acquisition to rehabilitate ineligible residents outside Dharavi and rehabilitation to infrastructure development. It also requires balancing commercial goals with deep-rooted social impact. At the helm is SVR Srinivas, IAS, CEO & Officer on Special Duty, Dharavi Redevelopment Project (DRP), Government..

Next Story
Real Estate

MLDL Records 20.4% Growth in Pre-Sales

Mahindra Lifespace Developers Limited (MLDL), the real estate and infrastructure development arm of the Mahindra Group, announced its financial results for the quarter ended March 31, 2025. In line with INDAS 115, the company recognises revenues using the completion of contract method. Key highlights FY25: Consolidated sales (Residential and IC&IC) of Rs 32.99 billion. Gross development value (GDV) additions in FY25 were Rs 1.81 trillion compared to Rs 440 billion in FY24 (~4x growth). Residential pre-sales of Rs 28.04 billion in FY25, reflecting 20.4% growth o..

Next Story
Infrastructure Transport

UCSL Delivers India's First Green Cargo Vessel to Norway

In a landmark achievement for Indian shipbuilding and the Atma Nirbhar Bharat initiative, Udupi Cochin Shipyard Limited (UCSL), a subsidiary of Cochin Shipyard Limited (CSL), has delivered the first of six next-generation green cargo vessels to Norway-based Wilson Ship Management AS, Europe’s largest short-sea shipping operator. The 3,800 DWT vessel, named Wilson Eco 1, was handed over during a ceremony at New Mangalore Port. The delivery is part of a Rs 5.06 billion project supported by Norway’s green maritime funding programme, marking India's entry into the European eco-friendly ca..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?