Pune civic body decides not to hike property tax for FY 22-23
Real Estate

Pune civic body decides not to hike property tax for FY 22-23

The standing committee of Pune Municipal Corporation (PMC) has decided not to raise the property and entertainment tax for the financial year (FY) 2022-23.

Hemant Rasane, the chairman of the standing committee, told the media that the decision was taken after looking at the income and the possible expenditure of the civic body.

In the next financial year, the property owners within the limits of PMC would not be burdened with an additional tax.

PMC has 12 lakh properties that are liable to pay the property tax.The civic body makes Rs 1,200-1,300 crore each year through it.

The target revenue on the property tax head for FY 2021-22 is nearly Rs 2,000 crore. The new estimated tax target for FY 2022-23 in the civic budget is Rs 2,232 crore.

The standing committee also approved a proposal for two civic hospitals.

The diversion of funds for the Prime Minister housing scheme, which is Pradhan Mantri Awas Yojana (PMAY), was also approved, and nearly Rs 27.68 crore would be diverted.

Image Source

Also read: Nagpur civic body rejects proposal to hike property tax for FY 22-23

The standing committee of Pune Municipal Corporation (PMC) has decided not to raise the property and entertainment tax for the financial year (FY) 2022-23. Hemant Rasane, the chairman of the standing committee, told the media that the decision was taken after looking at the income and the possible expenditure of the civic body. In the next financial year, the property owners within the limits of PMC would not be burdened with an additional tax. PMC has 12 lakh properties that are liable to pay the property tax.The civic body makes Rs 1,200-1,300 crore each year through it. The target revenue on the property tax head for FY 2021-22 is nearly Rs 2,000 crore. The new estimated tax target for FY 2022-23 in the civic budget is Rs 2,232 crore. The standing committee also approved a proposal for two civic hospitals. The diversion of funds for the Prime Minister housing scheme, which is Pradhan Mantri Awas Yojana (PMAY), was also approved, and nearly Rs 27.68 crore would be diverted. Image Source Also read: Nagpur civic body rejects proposal to hike property tax for FY 22-23

Next Story
Real Estate

Shriram Properties Launches ‘Codename: The One’ in Bengaluru

Shriram Properties (SPL), a leading real estate developer focused on the mid-market and mid-premium segments, has announced the launch of its latest residential project under the banner “Codename: The One” in Bengaluru’s Electronic City corridor. This feature-rich gated community will offer 340 spacious 2- and 3-BHK residences, with a total saleable area of approximately 5 lakh square feet and an estimated revenue potential of over Rs 3.5 billion. The project is expected to be developed over a span of more than three years.  Strategically located near the Bommasandra Metro stat..

Next Story
Resources

India Warehousing Show 2025 Closes with Strong Global Presence

The 14th edition of the India Warehousing Show (IWS) 2025 concluded successfully at Yashobhoomi (IICC), Dwarka, drawing participation from over 300 exhibitors across 15 countries and welcoming 15,000+ visitors. Recognised as India’s leading platform for warehousing and logistics excellence, IWS 2025 offered a comprehensive display of cutting-edge automation, sustainable warehousing solutions, and next-gen supply chain technologies. The show was inaugurated by Shri Pankaj Kumar, Joint Secretary – Logistics, DPIIT, Ministry of Commerce and Industry, Government of India. In his opening a..

Next Story
Equipment

MHIET Launches 450kW Gas Cogeneration System with H₂ Co-Firing

Mitsubishi Heavy Industries Engine & Turbocharger (MHIET), part of the Mitsubishi Heavy Industries Group, has launched a new 450kW gas cogeneration system, the SGP M450, jointly developed with Toho Gas Co.,. The system supports hydrogen co-firing at up to 15 vol per cent, with no loss in performance or reliability.  The system is currently available in the Japanese market, and has been developed from the existing GS6R2 city gas engine platform. Key modifications were made to the fuel gas and engine control systems to enable hydrogen co-firing.   Verified through de..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?