Nashik Offers 95% Property Tax Penalty Concession until Dec 2024
Real Estate

Nashik Offers 95% Property Tax Penalty Concession until Dec 2024

The Nashik Municipal Corporation (NMC) has decided to extend the 95 per cent penalty concession for property tax defaulters until the end of December. For payments due in January next year, an 85 per cent concession will apply.

Originally, the December concession was capped at 85 per cent, but the NMC has raised it to 95 per cent this month. This decision was made following the response observed over the past two months. NMC officials have estimated the total property tax dues at Rs 6 billion, which includes a Rs 2.68 billion penalty on the dues.

NMC imposes a 2 per cent monthly penalty on property tax dues and also recovers expenses for notices and warrants issued to defaulters.

The NMC officials mentioned that the scheme was introduced on October 1 this year, offering a 95 per cent penalty concession for those paying their dues by November 30. So far, the scheme has raised Rs 570 million from property tax defaulters, with around 32,000 defaulters making payments.

In 2021, the civic body had introduced a similar scheme for two months (October-November), but it received a poor response, collecting only Rs140.86 million during that period. For the current financial year, NMC has set a property tax collection target of Rs 2.50 billion for 2024-25.

So far, the civic body has collected over Rs 1.85 billion in property tax this year, compared to Rs 1.35 billion during the same period last financial year.

The Nashik Municipal Corporation (NMC) has decided to extend the 95 per cent penalty concession for property tax defaulters until the end of December. For payments due in January next year, an 85 per cent concession will apply. Originally, the December concession was capped at 85 per cent, but the NMC has raised it to 95 per cent this month. This decision was made following the response observed over the past two months. NMC officials have estimated the total property tax dues at Rs 6 billion, which includes a Rs 2.68 billion penalty on the dues. NMC imposes a 2 per cent monthly penalty on property tax dues and also recovers expenses for notices and warrants issued to defaulters. The NMC officials mentioned that the scheme was introduced on October 1 this year, offering a 95 per cent penalty concession for those paying their dues by November 30. So far, the scheme has raised Rs 570 million from property tax defaulters, with around 32,000 defaulters making payments. In 2021, the civic body had introduced a similar scheme for two months (October-November), but it received a poor response, collecting only Rs140.86 million during that period. For the current financial year, NMC has set a property tax collection target of Rs 2.50 billion for 2024-25. So far, the civic body has collected over Rs 1.85 billion in property tax this year, compared to Rs 1.35 billion during the same period last financial year.

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?