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.

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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

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