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

11 Jan 2022 CW Team

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

Products

06 Oct 2025

TOTO India Launches Premium G & L Showers with Sleek Faucet Range

TOTO India has launched its G Shower and L Shower series, alongside an expanded range of GT, LH, and Pull-Out lavatory faucets. The collection blends advanced technology, refined aesthetics, and everyday comfort, staying true to TOTO’s philosophy of creating spaces that are both beautiful and functional. The G Shower series delivers the 3Rs of showering: Relaxing, Refreshing, and Revitalizing. Features include the Calming Shawl spray mode, Warm Spa technology, and multiple overhead and hand-shower options across eight finishes. The L Shower complements this with easy-to-use controls sui..

Hero Future Energies Secures Funding for 120 MW Hybrid Project

Hero Future Energies (HFE), through its SPV Clean Renewable Energy Hybrid Three, has secured Rs 19.08 billion in funding from the State Bank of India (lead) and Canara Bank. The funds will be used to develop and construct HFE’s 120 MW renewable energy hybrid project at Kurnool, Andhra Pradesh. The project, contracted with SJVN, integrates wind, solar, and storage technologies to deliver reliable peak power. With a 21-year repayment period, the funding ensures timely execution and the commencement of commercial operations. The financial closure demonstrates continued lender confidence in..

IOC GPS Renewables Raises Rs 8.36 billion Debt for Compressed Biogas Plants

IOC GPS Renewables Private Limited (IGRPL), a joint venture between IndianOil Corporation and GPS Renewables, has raised Rs 8.36 billion (approx. US$ 95 million) in debt financing from Indian Bank to execute nine Compressed Biogas (CBG) projects across India. The funding is the largest single-bank debt raise in the CBG sector and the first fully non-recourse financing in India for these projects. The plants—four in Haryana, three in Uttar Pradesh, one each in Chhattisgarh and Andhra Pradesh—will each produce 15 tonnes of CBG per day using paddy straw as feedstock. All nin..