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

3i Infotech Reports Rs 7.25 Bn Revenue for FY25

3i Infotech, a leading provider of digital transformation, technology services and technology solutions, announced its consolidated financial results for the fourth quarter and full year FY25, ended on March 31st, 2025. The company maintained its growth momentum, displaying consistent progress for the 3rd consecutive quarter.In Q4 FY25, 3i Infotech reported revenue of Rs 1.87 billion, reflecting steady performance compared to Rs 1.81 billion in Q3 FY25 and Rs 1.97 billion in Q4 FY24. The company delivered strong profitability improvements, with gross margin growing by 14.8 per cent Q-o-Q and 1..

Next Story
Infrastructure Urban

Emerald Finance Joins Baya PTE to Boost SME Bill Discounting

Emerald Finance is a dynamic company offering a spectrum of financial products and services including its flagship Earned Wage Access (EWA) in India, has entered into a strategic partnership with Singapore-based Baya PTE through its Indian subsidiary. This collaboration aims to strengthen bill discounting services for Small and Medium Enterprises (SMEs), enabling faster access to working capital and improved cash flow management.The initiative is designed to support SMEs that supply to large corporates such as JSW Steel, Delhivery, and PVR INOX, among others. By facilitating timely invoice dis..

Next Story
Infrastructure Urban

BLS E-Services Crosses Rs 5 Bn Revenue Mark in FY25

BLS E-Services, a technology-enabled digital service provider, announced its audited consolidated financial results for the quarter and full year period ended 31 March 2025.Speaking about the performance and recent updates, Shikhar Aggarwal, Chairman, BLS E- Services said, “We are delighted to report a remarkable performance in FY25, as we achieved several milestones during the fiscal year. FY25 marked our highest-ever financial performance, as we surpassed Rs 5 billion milestone in Total Income during the year, which was reported at Rs 5.45 billion, a notable YoY growth of 76 per cent. The ..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?