NMC not ready to waive tax on properties with less than 500 sq ft space
Real Estate

NMC not ready to waive tax on properties with less than 500 sq ft space

The Nashik Municipal Corporation (NMC) administration is not ready to waive property tax on smaller flats measuring less than 500 sq ft, even though the NCP city unit and mayor Satish Kulkarni have pitched for it.

The NMC authorities told the media that of the total 5.5 lakh properties in the city, about 2.5 lakh measure less than 500 sq ft. Additionally, about 50% of the total income via property tax comes from this segment, which is estimated at Rs 50 crore.

The move will adversely impact NMC's property tax collection, thereby impacting the financial health of the civic body. Thus, the property tax for the smaller properties would not be waived, said NMC authorities. The civic body authorities further told the media that by 2010, the city had a total of 3.5 lakh properties on record and about 2.5 lakh houses measured less than 500 sq ft.

Most of the flats in the old city and other regions were smaller, and there was more demand for the properties less than 500 sq ft. The trend of larger apartments and housing properties boosted during the last decade.

NMC responses came after city mayor Satish Kulkarni urged the property tax department of the NMC to present the offer of waiving property tax for the smaller properties from April 1.

The NCP Nashik city unit has additionally made such a demand to the district guardian minister Chhagan Bhujbal. Kulkarni said that poor and middle-class families live in smaller residential properties, and a property tax waiver will provide significant relief to these families.

NMC authorities further said that the NMC's income via property and water taxes has been adversely impacted due to the Covid pandemic during the last two years.

Image Source

The Nashik Municipal Corporation (NMC) administration is not ready to waive property tax on smaller flats measuring less than 500 sq ft, even though the NCP city unit and mayor Satish Kulkarni have pitched for it. The NMC authorities told the media that of the total 5.5 lakh properties in the city, about 2.5 lakh measure less than 500 sq ft. Additionally, about 50% of the total income via property tax comes from this segment, which is estimated at Rs 50 crore. The move will adversely impact NMC's property tax collection, thereby impacting the financial health of the civic body. Thus, the property tax for the smaller properties would not be waived, said NMC authorities. The civic body authorities further told the media that by 2010, the city had a total of 3.5 lakh properties on record and about 2.5 lakh houses measured less than 500 sq ft. Most of the flats in the old city and other regions were smaller, and there was more demand for the properties less than 500 sq ft. The trend of larger apartments and housing properties boosted during the last decade. NMC responses came after city mayor Satish Kulkarni urged the property tax department of the NMC to present the offer of waiving property tax for the smaller properties from April 1. The NCP Nashik city unit has additionally made such a demand to the district guardian minister Chhagan Bhujbal. Kulkarni said that poor and middle-class families live in smaller residential properties, and a property tax waiver will provide significant relief to these families. NMC authorities further said that the NMC's income via property and water taxes has been adversely impacted due to the Covid pandemic during the last two years. Image Source

Next Story
Infrastructure Urban

Fire safety in high-rise façade systems

The external wall system (EWS) is made up of the outside wall of a building, including cladding and insulation. Of focus now is the fire safety of such external wall systems in multi-storeyed buildings where fire hazards are considerably higher than low-rise buildings. Main and sub-systems of EWS are to be considered holistically to understand the risk of fire loads created due to the design and materials used in the EWS where fire passive and resistant systems are absent, or lesser in content. External Wall System Components The EWS includes all components such as framing, glazing ..

Next Story
Real Estate

Sunteck is leading the way in luxurious, sustainable urban development

A trendsetter in creating iconic destinations with sophisticated design and state-of-the-art amenities such as Signature Island, Signia Isles and Signia Pearl, Mumbai-based Sunteck Realty focuses on a city-centric development portfolio of about 52.5 million sq ft spread across 32 projects. Kamal Khetan, Chairman and Managing Director, Sunteck Realty, shares more on the company’s projects, prospects and plans in conversation with R SRINIVASAN. Excerpts:You have projects in the heart of Mumbai; in the Eastern suburbs as well as Naigaon in the Western suburbs. So how do you ..

Next Story
Infrastructure Urban

Vedanta Aluminium CEO John Slaven named IAI Vice-Chairman

Vedanta Aluminium, producer of aluminium, announced the appointment of its CEO, John Slaven as Vice-Chairman of the International Aluminium Institute (IAI). In this capacity, Slaven will spearhead global initiatives aimed at fostering the sustainable transformation of the aluminium industry and promote the critical role of aluminium in enabling the energy transition to a Zero Carbon modern world. Established in 1972, the International Aluminium Institute (IAI) is the sole organization representing the primary aluminium industry worldwide. It is tasked with enhancing awareness of the industry'..

Hi There!

Now get regular updates from CW Magazine on WhatsApp!

Click on link below, message us with a simple hi, and SAVE our number

You will have subscribed to our Construction News on Whatsapp! Enjoy

+91 81086 03000

Join us Telegram