North civic body rejects proposal to increase property taxes
Real Estate

North civic body rejects proposal to increase property taxes

On Wednesday, the standing committee of the BJP-led North civic body did not inflict any new tax and rejected an offer in its budget 2022-23 to increase residential and commercial property taxes, even though the municipality is in an acute financial crisis and has not been able to pay its employees for months.

The North Delhi Municipal Corporation additionally decided not to sanction the Commissioner's plan to decrease rebate on property taxes by 5%. The decision by the civic group's standing committee comes ahead of the civic polls due this year.

North Delhi Municipal Corporation Commissioner Sanjay Goel, in his budget 2022-23 presentation on November 25, 2021, had planned to boost the property tax by 2% and decrease the tax rebate from the existing 15% to 10%. He had said that these decisions would boost the financial condition of the municipality.

Presenting the updated budget estimates, North Corporation Standing Committee Chairman Jogi Ram Jain said that no new tax is being planned in the civic body's budget. As people are still not over the Covid-19 pandemic and it has badly affected the financial condition of the public, the proposal to decrease the rebate from 15% to 10% by Commissioner North DMC was not accepted. Proposal to raise the property tax by 2% as recommended by the Commissioner is additionally not being accepted by the Standing Committee. Jain additionally said that to further give comfort to residents, a substantial part of the increased property tax on Municipal Valuation Committee-3 (MVC-3) basis has also been removed by the North DMC.

As per the North Delhi Municipal Corporation, the updated budget estimates for the year 2021-22 reached Rs 7,818.66 crore, while the budget estimate for the year 2022-23 reached Rs 7,504.91 crore. Jain told the media that the civic body is additionally striving to increase its health infrastructure at the time of the pandemic. Over 500 LMO (Liquid Medical Oxygen) based oxygen beds provision is being made for all North DMC Hospitals.

Image Source

Redefine the future of urban mobility! Join us at the Metro Rail Conference 2025 to explore groundbreaking ideas and insights. 👉 Register today!

On Wednesday, the standing committee of the BJP-led North civic body did not inflict any new tax and rejected an offer in its budget 2022-23 to increase residential and commercial property taxes, even though the municipality is in an acute financial crisis and has not been able to pay its employees for months. The North Delhi Municipal Corporation additionally decided not to sanction the Commissioner's plan to decrease rebate on property taxes by 5%. The decision by the civic group's standing committee comes ahead of the civic polls due this year. North Delhi Municipal Corporation Commissioner Sanjay Goel, in his budget 2022-23 presentation on November 25, 2021, had planned to boost the property tax by 2% and decrease the tax rebate from the existing 15% to 10%. He had said that these decisions would boost the financial condition of the municipality. Presenting the updated budget estimates, North Corporation Standing Committee Chairman Jogi Ram Jain said that no new tax is being planned in the civic body's budget. As people are still not over the Covid-19 pandemic and it has badly affected the financial condition of the public, the proposal to decrease the rebate from 15% to 10% by Commissioner North DMC was not accepted. Proposal to raise the property tax by 2% as recommended by the Commissioner is additionally not being accepted by the Standing Committee. Jain additionally said that to further give comfort to residents, a substantial part of the increased property tax on Municipal Valuation Committee-3 (MVC-3) basis has also been removed by the North DMC. As per the North Delhi Municipal Corporation, the updated budget estimates for the year 2021-22 reached Rs 7,818.66 crore, while the budget estimate for the year 2022-23 reached Rs 7,504.91 crore. Jain told the media that the civic body is additionally striving to increase its health infrastructure at the time of the pandemic. Over 500 LMO (Liquid Medical Oxygen) based oxygen beds provision is being made for all North DMC Hospitals. Image Source

Next Story
Real Estate

Colliers India Transacts 207,000 sq ft office space at Embassy TechVillage

Embassy Office Parks REIT, India’s first listed REIT and the largest office REIT in Asia by area, announced that it has signed an Agreement to Lease (‘ATL’) with global cyber security company Rubrik at Embassy TechVillage in Bengaluru.Colliers, a leading global diversified professional services company, specialising in commercial real estate services, engineering consultancy and investment management facilitated the transaction for Rubrik.Located on Bengaluru’s Outer Ring Road, Embassy TechVillage is one of Embassy REIT’s flagship office parks which offers world-class office spaces, ..

Next Story
Infrastructure Urban

Ensemble Infrastructure India Appoints Suman Saha as Director of Design

Ensemble Infrastructure India Ltd, a leading workplace design and build fit-out company, has appointed Suman Saha as its new Director of Design. With 25 years of experience in the industry, Suman is recognized for his innovative approach and excellence in design leadership.Working closely with the CEO, Suman’s appointment will enhance the company’s design communication across multiple touchpoints, ensuring smooth collaboration between clients, designers, and execution teams for superior project outcomes. Under his guidance, Ensemble will focus on creating workspaces and design labs that em..

Next Story
Products

Ribbon Vanity by Küche7: Fluid Design Meets Everyday Elegance

Küche7, pioneers in luxury stainless steel kitchens, have unveiled the Ribbon Vanity, a graceful creation that transforms bathroom spaces with its soft, flowing design and understated sophistication. Inspired by the fluid form of a ribbon, this vanity combines smooth finishes, clean lines, and gentle curves, offering a timeless aesthetic that seamlessly complements diverse interior styles.Available in a refined blush pink hue, the Ribbon Vanity effortlessly merges functionality with elegance. With thoughtfully designed storage options, it ensures that bathroom essentials are neatly organised ..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000