Pune Municipal Corporation seals ten properties for tax defaults
Real Estate

Pune Municipal Corporation seals ten properties for tax defaults

The Pune Municipal Corporation (PMC) sealed ten properties, including both residential and commercial, which have huge property tax dues.

PMC has sent notices to 9,000 property owners of residential and commercial properties, asking them to pay the due property taxes immediately after receiving the notices.

Pune has a total of 10.5 lakh properties, including residential, commercial, etc. The generated taxes from these properties are the main source of revenue for the corporation. While the property taxes payment goes throughout the year, the property taxes overdue keeps changing. The civic body has selected 9,000 property owners with property tax dues of Rs 200 crore.

The property department head of PMC, Vilas Kanade, said that the civic body had initiated a drive to recover more tax dues.

The civic body has introduced a special scheme for regular taxpayers, which helped generate revenue for the tax department this year.

On Friday, PMC crossed the mark of Rs 1,000 crore. It has around Rs 211 crore more than in the same period in the last financial year (FY). PMC's income was Rs 1,001.88 crore this year. As per data, owners of 6,26,072 have paid property taxes this year between April and August.

PMC has two sources of income, Octroi and the local body, major sources of income, but property taxes provide the highest revenue to the civic body. Through property taxes, PMC earns around Rs 1,400 crore to Rs 1,600 crore each year.

According to an official, PMC will initiate an arbitration route to resolve pending property tax issues. The civic body has taken up 10 cases of property tax issues in the court and will be disposed of via arbitration. The civic body hopes to raise Rs 35 crore from this initiative.

Image Source


Also read: Residential real estate demand infused by upcoming infra projects

The Pune Municipal Corporation (PMC) sealed ten properties, including both residential and commercial, which have huge property tax dues. PMC has sent notices to 9,000 property owners of residential and commercial properties, asking them to pay the due property taxes immediately after receiving the notices. Pune has a total of 10.5 lakh properties, including residential, commercial, etc. The generated taxes from these properties are the main source of revenue for the corporation. While the property taxes payment goes throughout the year, the property taxes overdue keeps changing. The civic body has selected 9,000 property owners with property tax dues of Rs 200 crore. The property department head of PMC, Vilas Kanade, said that the civic body had initiated a drive to recover more tax dues. The civic body has introduced a special scheme for regular taxpayers, which helped generate revenue for the tax department this year. On Friday, PMC crossed the mark of Rs 1,000 crore. It has around Rs 211 crore more than in the same period in the last financial year (FY). PMC's income was Rs 1,001.88 crore this year. As per data, owners of 6,26,072 have paid property taxes this year between April and August. PMC has two sources of income, Octroi and the local body, major sources of income, but property taxes provide the highest revenue to the civic body. Through property taxes, PMC earns around Rs 1,400 crore to Rs 1,600 crore each year. According to an official, PMC will initiate an arbitration route to resolve pending property tax issues. The civic body has taken up 10 cases of property tax issues in the court and will be disposed of via arbitration. The civic body hopes to raise Rs 35 crore from this initiative. Image Source Also read: Residential real estate demand infused by upcoming infra projects

Related Stories

Gold Stories

Next Story
Resources

Schindler named among Forbes’ World’s Best Employers 2026

Schindler has been named among Forbes’ World’s Best Employers 2026, a global ranking recognising companies for their workplace environments.Compiled by Forbes in partnership with Statista, the ranking is based on independent employee feedback, including whether employees would recommend their organisation to friends and family.The company said the recognition reflected its focus on creating a workplace where employees can develop their expertise and build careers. ..

Next Story
Infrastructure Urban

India needs an export-execution mindset: Vishesh Jain

Interview with Vishesh Jain, Founder & CEO, EximpleWhat gaps in India’s global trade ecosystem led you to build Eximple, and what problem did you see businesses struggling with most?Eximple came out of a problem that all three founders had seen from different choke points in the trade ecosystem. India has millions of MSMEs and manufacturers, and many of them can make products that are genuinely competitive on quality. Yet only a small fraction is able to build meaningful international businesses. In our experience, the gap is usually not manufacturing capability; it is the ability to exe..

Next Story
Building Material

Nuvoco reports 13.5% revenue growth in Q2 FY27

Nuvoco Vistas Corp. Ltd. reported consolidated revenue of Rs 27.9 billion for Q2 FY27, up 13.5% year on year. Cement sales volume rose 9% to 4.7 million tonnes (MMT), while EBITDA increased 11% to Rs 4.11 billion.The company said it began its cement operations in 2014 with a 2.3 MMT per annum (MMTPA) operation at Nimbol. It now aims to reach 35 MMTPA of cement capacity by FY28, nearly 15 times its initial capacity. Its portfolio spans cement, ready-mix concrete and modern building materials.On sustainability and cost efficiency, Nuvoco partnered with CleanMax for a 46.4 MW wind-solar hybrid re..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code