Nagpur civic body rejects proposal to hike property tax for FY 22-23

10 Feb 2022 CW Team

The Nagpur Municipal Corporation (NMC) has rejected the proposal of the civic administration to hike property tax for FY 22-23.

According to the chairman of the standing committee, Prakash Bhoyar, the House will decide on the civic administration's proposal.

He said that the decision not to revise the property tax was taken due to the Covid-19 pandemic, which hit most sectors and sections of the society.

He added that the pandemic caused many financial losses, due to which the 16-member committee rejected the proposal for a 5-10% hike in property tax.

Bhoyar said that many departments, including the town planning department, have earned Rs 150 crore, compared to the target of Rs 84 crore for FY22.

He said that the civic body would waive off property tax for residents having 500 sq ft properties if the state government allocates additional funds.

According to provision 99 of the Maharashtra Municipal Corporation (MMC) Act, the NMC property tax department submitted a proposal to the standing committee that the tax structure of FY23 should be proposed before the general body before 20 February.

Bhoyar said that the committee had decided that the tax revision in 2015-16 should be left unchanged and forwarded the decision to the general body.

Assistant municipal commissioner, Mahesh Dhamecha, said that the committee also backs the election department's demand of Rs 2.45 crore for works related to civic polls. Earlier, NMC spent around Rs 7.50 crore, keeping in mind the 7th Pay Commission implementation and now expects to spend Rs 10 crore for the elections.

Besides, the committee has also approved Rs 51.74 lakh for the maintenance of the Kavivar Suresh Bhat auditorium and road projects of Rs 1.41 crore in different localities.

Image Source

Also read: NMC passes resolution for property tax exemption up to 500 sq ft

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..