Ludhiana civic body hopes to earn 150 cr property tax
Real Estate

Ludhiana civic body hopes to earn 150 cr property tax

With the current fiscal year yielding a property tax recovery of Rs 102 crore, municipal officials are setting their sights on a target of at least Rs 150 crore in collections by March 2024. Officials have indicated that, with the conclusion of the 10% rebate period, their primary focus will now shift towards recovery efforts, supported by a one-time settlement (OTS) policy, and contacting individuals who remain in arrears.

Since the implementation of the OTS policy on September 14, municipal authorities have successfully reclaimed Rs 3.20 crore in unpaid property taxes. Notably, several defaulters settled their dues before the OTS came into effect. For the period spanning October to December, no rebates apply to property tax payments, and the one-time settlement policy is in place without interest. Additionally, penalties are applicable until the end of December.

Officials have disclosed their intention to conduct a thorough review of malls and commercial properties with the aim of increasing tax returns. In particular, commercial properties in areas such as Sarabha Nagar and BRS Nagar are under scrutiny, as authorities have identified instances where property owners receive substantial rent but have not been accurately reporting their tax obligations.

This proactive approach is expected to bolster revenue collection efforts and ensure that property taxes are paid in accordance with the applicable regulations.

With the current fiscal year yielding a property tax recovery of Rs 102 crore, municipal officials are setting their sights on a target of at least Rs 150 crore in collections by March 2024. Officials have indicated that, with the conclusion of the 10% rebate period, their primary focus will now shift towards recovery efforts, supported by a one-time settlement (OTS) policy, and contacting individuals who remain in arrears. Since the implementation of the OTS policy on September 14, municipal authorities have successfully reclaimed Rs 3.20 crore in unpaid property taxes. Notably, several defaulters settled their dues before the OTS came into effect. For the period spanning October to December, no rebates apply to property tax payments, and the one-time settlement policy is in place without interest. Additionally, penalties are applicable until the end of December. Officials have disclosed their intention to conduct a thorough review of malls and commercial properties with the aim of increasing tax returns. In particular, commercial properties in areas such as Sarabha Nagar and BRS Nagar are under scrutiny, as authorities have identified instances where property owners receive substantial rent but have not been accurately reporting their tax obligations. This proactive approach is expected to bolster revenue collection efforts and ensure that property taxes are paid in accordance with the applicable regulations.

Next Story
Technology

We’re building robots that flow, not just move

Founded in 2021, Flo Mobility is reimagining construction automation with vision-AI robots designed for seamless movement through complex sites. In conversation with CW, Manesh Jain, Founder & CEO, discusses the company’s origin, its LiDAR-free tech stack, and expansion plans in the Middle East and US.What inspired the name Flo Mobility? Why ‘Flo’ and not ‘Flow’?When we started the company in 2021, our focus was on building autonomous navigation systems for robots. Since our work centred around robot movement, ‘mobility’ naturally became part of the name. We wanted to co..

Next Story
Real Estate

We’re committed to setting benchmarks in sustainable luxury living

From a landmark land acquisition in Boisar to ambitious launches across the Mumbai Metropolitan Region (MMR), National Capital Region (NCR), Bengaluru and Pune, Birla Estates is driving future-ready growth with a strong focus on sustainability, partnerships and premium living, firmly anchored in its LifeDesigned® philosophy. K T Jithendran, Managing Director & CEO, outlines the company’s premium, sustainable growth playbook in conversation with PRATAP PADODE, Editor-in-Chief, CW. Excerpts:Birla Estates recently acquired a 70.92-acre land parcel in Boisar, Maharashtra, for..

Next Story
Infrastructure Urban

Mumbai’s land crunch and ageing homes call for structured renewal

Founded in 2022, Etonhurst Capital Partners is a real-estate fund management platform focused on the Indian market. As the firm achieves the first close of Rs 1.8 billion for its debut Rs 5 billion fund, Bamasish Paul, Co-founder, Managing Partner & CEO, discusses its sharp focus on redevelopment-driven value creation in Mumbai’s urban core with CW. Excerpts:Etonhurst Capital has achieved a significant milestone with the first close of Rs 1.8 billion for its Rs 5 billion fund. What factors contributed to this early success and how do you plan to attract further investments to r..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?