Ludhiana civic body hopes to earn 150 cr property tax

09 Oct 2023 CW Team

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.

Real Estate

07 Jul 2026

Pecan Realty Completes Rs 1.5 Billion Transactions

Pecan Realty has recently completed four institutional transactions worth over Rs 1.5 billion over the past two years, strengthening its position as an execution-led real estate platform. The deals include resolution-led acquisitions, structured finance transactions and capital partnerships across its development portfolio.The transactions covered acquisitions through the National Company Law Tribunal process and helped provide repayment or exits to both private and public sector lenders. The company said the deals demonstrate its ability to resolve complex project situations, work with instit..

SNN Estates Expands North Bengaluru Housing Project

SNN Estates has announced an expansion of its SNN Estates Felicity residential project in North Bengaluru following strong buyer demand, with 75 per cent of the first-phase inventory sold within three days of launch.The developer will add 76 apartments in the new phase, taking the project's estimated revenue potential to around Rs 1,000 crore upon completion of Phase 2.Spread across 6.5 acres in Rachenahalli, near Manyata Tech Park, the project comprises 604 apartments in 1.5, 2, 2.5, 3 and 4 BHK configurations. The development includes a 50,000-sq-ft clubhouse with amenities such as sports co..

SCG Drives ASEAN Industrial Transformation Strategy

SCG is strengthening its focus on ASEAN as a key growth region by advancing industrial transformation, enhancing competitiveness and building resilient regional value chains. Thammasak Sethaudom, President and Chief Executive Officer, SCG, highlighted the need for industries to continuously develop capabilities, strengthen resilience and deepen regional cooperation to achieve sustainable long-term growth.SCG views ASEAN as an important growth engine alongside China, supported by favourable demographics, trade connectivity and investment flows. With ASEAN’s GDP projected to grow by around 4.7..