Nashik Civic Body Introduces Amnesty Scheme for Property Tax Defaulters
Real Estate

Nashik Civic Body Introduces Amnesty Scheme for Property Tax Defaulters

The Nashik Municipal Corporation (NMC) introduced an amnesty scheme for property tax defaulters starting from October 1. According to the scheme, defaulters are eligible for up to a 95% waiver on penalties if they settle all dues between October 1 and November 30.

For those who pay in December, an 85% waiver on penalties will apply, and a 75% waiver will be granted for payments made in January.

NMC officials estimate that the total outstanding property tax currently stands at Rs 6 billion, which includes Rs 3 billion in penalties that have accumulated over the years.

The civic body imposes a 2% monthly penalty on unpaid property taxes and recovers costs related to notices and warrants issued to defaulters.

Officials indicated that this is the final opportunity for defaulters to clear their dues, warning that failure to do so during the amnesty period will result in property confiscation.

A similar scheme was introduced in October-November 2021, but it had limited success, with the NMC collecting only Rs 140.86 million from 17,560 defaulters. During that period, defaulters received a total penalty rebate of Rs 5.6 million.

This time, the NMC is optimistic about a better response, hoping that the significant reduction in penalties will encourage defaulters to pay their dues. The civic body has set a property tax collection target of Rs 2.50 billion for the current financial year.

By the end of September, the NMC had collected Rs 1.27 billion, slightly exceeding the Rs 1.25 billion collected during the same period the previous year.

The Nashik Municipal Corporation (NMC) introduced an amnesty scheme for property tax defaulters starting from October 1. According to the scheme, defaulters are eligible for up to a 95% waiver on penalties if they settle all dues between October 1 and November 30. For those who pay in December, an 85% waiver on penalties will apply, and a 75% waiver will be granted for payments made in January. NMC officials estimate that the total outstanding property tax currently stands at Rs 6 billion, which includes Rs 3 billion in penalties that have accumulated over the years. The civic body imposes a 2% monthly penalty on unpaid property taxes and recovers costs related to notices and warrants issued to defaulters. Officials indicated that this is the final opportunity for defaulters to clear their dues, warning that failure to do so during the amnesty period will result in property confiscation. A similar scheme was introduced in October-November 2021, but it had limited success, with the NMC collecting only Rs 140.86 million from 17,560 defaulters. During that period, defaulters received a total penalty rebate of Rs 5.6 million. This time, the NMC is optimistic about a better response, hoping that the significant reduction in penalties will encourage defaulters to pay their dues. The civic body has set a property tax collection target of Rs 2.50 billion for the current financial year. By the end of September, the NMC had collected Rs 1.27 billion, slightly exceeding the Rs 1.25 billion collected during the same period the previous year.

Next Story
Real Estate

Varun Malik Joins ANAROCK as MD, Head of Capital Markets, APAC

ANAROCK Capital has appointed Varun Malik as Managing Director, Head of Capital Markets (APAC), marking a strategic move to expand its presence across Asia-Pacific. Based in Singapore, Malik will drive ANAROCK’s capital markets initiatives in the region.A real estate finance veteran, Malik brings over 18 years of experience in structuring complex cross-border transactions across South-East Asia and Australia. He has led debt and equity deals for REITs, fund managers, and developers, delivering strong returns and driving investor value.“We will redefine real estate capital solutions across ..

Next Story
Real Estate

Patra Chawl lottery held, 663 families allotted homes

Mumbai's Siddharth Nagar (Patra Chawl) Co-operative Housing Society members in Goregaon (West) saw their 15-year wait come to a close as MHADA conducted a successful computerised lottery for 663 eligible members under its redevelopment scheme.The Mumbai Housing and Area Development Board conducted the draw using the RAT (Randomised Allotment of Tenement) system at Sardar Vallabhbhai Patel Hall. The lottery, overseen by Mr. Milind Borikar, Chief Officer of Mumbai Board, ensured transparency by digitally allotting each member a building, wing, and floor.The project, located on Plot R-9, received..

Next Story
Infrastructure Transport

BLR Airport crosses 41 million passengers, 500,000 MT cargo

Kempegowda International Airport, Bengaluru (BLR Airport), has recorded key operational milestones in FY 2024-25, crossing 41.88 million passengers and handling 502,480 metric tonnes of cargo. This marks a year-on-year passenger growth of 11.6 per cent and a 14 per cent rise in cargo volumes.Domestic footfall reached 36.05 million, up 10 per cent, while international traffic saw a robust 25 per cent jump to 5.83 million, aided by Indigo’s global expansion and added frequencies by international carriers. BLR Airport now connects to 76 domestic and 33 international destinations, with Hanoi set..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?