NMMC commissioner declares no hike in property tax

20 Feb 2023 CW Team

The civic body's total expenditure is estimated to be Rs 49.92 billion, while revenue is expected to be Rs 49.25 billion.

There will be no hike in the property tax yet again- 18th year in a row. Former Airoli MLA Sandeep Naik said, “the civic administration has acknowledged our demand for keeping the property tax tariff intact without adding any burden on the residents. This is welcome move. More funds should be allocated for education and healthcare.”

Replacement of 30,000 streetlights with LED, an integrated bus terminal at Vashi, lighting of the Sion-Panvel highway from Vashi toll plaza to Belapur, an 800-seat capacity auditorium at Airoli, a 7.5km-long dedicated cycle track between NMMC headquarters and Sanpada Moraj Circle, tertiary water treatment plants at Airoli and Koparkhairane, and multi-level indoor parking at Belapur are among the ongoing projects.

Narvekar stated that the budget is realistic in light of citizens' needs. He admitted that the NMMC's e-toilet project and vertical garden concept did not provide the desired benefit to citizens. He stated that the budget was created with the lower strata of society in mind, with a focus on health and education.

Residents, though, have alleged that little has been incorporated in the budget of health, education, environment and sports. Activist Rajeev Mishra said, “It’s suitable for the elite class but has little to offer for the poor in the slum and gaothan pockets.”

The city's civic encroachment department will spend Rs 11 crore removing illegal structures. At the same time, it expects only Rs 4 crore in penalties and fines from encroachers, implying a significant loss in the NMMC coffers while protecting its own properties.

Several residents have welcomed the installation of air purifier towers at various locations to control rising pollution levels caused by massive construction and quarry activity.

NMMC has become completely debt-free after repaying all of its loans on time, saving Rs 12.50 crore, according to civic chief Narvekar.

"Join industry leaders at RAHSTA Expo, India's premier platform for roads, highways and traffic infrastructure. Register now to explore innovations, network with experts and shape the future of mobility."

Rajesh Narvekar, NMMC commissioner and administration, presented a surplus budget of Rs 25 million for 2023-2024, with a focus on completing ongoing civic projects; few new projects were announced this year. The civic body's total expenditure is estimated to be Rs 49.92 billion, while revenue is expected to be Rs 49.25 billion. There will be no hike in the property tax yet again- 18th year in a row. Former Airoli MLA Sandeep Naik said, “the civic administration has acknowledged our demand for keeping the property tax tariff intact without adding any burden on the residents. This is welcome move. More funds should be allocated for education and healthcare.” Replacement of 30,000 streetlights with LED, an integrated bus terminal at Vashi, lighting of the Sion-Panvel highway from Vashi toll plaza to Belapur, an 800-seat capacity auditorium at Airoli, a 7.5km-long dedicated cycle track between NMMC headquarters and Sanpada Moraj Circle, tertiary water treatment plants at Airoli and Koparkhairane, and multi-level indoor parking at Belapur are among the ongoing projects. Narvekar stated that the budget is realistic in light of citizens' needs. He admitted that the NMMC's e-toilet project and vertical garden concept did not provide the desired benefit to citizens. He stated that the budget was created with the lower strata of society in mind, with a focus on health and education. Residents, though, have alleged that little has been incorporated in the budget of health, education, environment and sports. Activist Rajeev Mishra said, “It’s suitable for the elite class but has little to offer for the poor in the slum and gaothan pockets.” The city's civic encroachment department will spend Rs 11 crore removing illegal structures. At the same time, it expects only Rs 4 crore in penalties and fines from encroachers, implying a significant loss in the NMMC coffers while protecting its own properties. Several residents have welcomed the installation of air purifier towers at various locations to control rising pollution levels caused by massive construction and quarry activity. NMMC has become completely debt-free after repaying all of its loans on time, saving Rs 12.50 crore, according to civic chief Narvekar. See also: No property tax reduction for merged villages with PMCNew Town Kolkata Development Authority starts property tax camps

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..

Real Estate

07 Jul 2026

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..

Infrastructure Urban

07 Jul 2026

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..