Pune civic body starts assessment of metro properties
Real Estate

Pune civic body starts assessment of metro properties

The Pune Municipal Corporation (PMC) has commenced the process of collecting property taxes from the Metro railway authority. This move will involve levying taxes on 18 stations, two depots, and various other properties owned by the Maha Metro Rail Corporation. It is anticipated that the civic body will accrue approximately Rs 20 crore annually in taxes from the Metro authorities.

PMC officials have explained that the taxes will be calculated based on the annual rateable value of the properties in question. Ajit Deshmukh, the head of the PMC's property tax department, noted that property assessments are currently underway, and once the evaluation process is completed, the tax bills will be dispatched.

In recent months, revenue generated from tax collection has exceeded Rs 1,300 crore. The PMC faced a slight delay in tax bill distribution due to the announcement of the reintroduction of a 40% discount on self-occupied properties, which required the bills to be reprinted. The PMC's jurisdiction encompasses around 12 lakh properties, all of which are liable to pay property taxes. The civic administration incentivizes early tax payment by offering a special discount to taxpayers who settle their dues before May 31 each year.

This initiative to collect property taxes from the Metro railway authority reflects the PMC's ongoing efforts to ensure that all property owners contribute to the city's revenue, including major infrastructure entities like the Metro, thereby supporting the city's growth and development.

The 14th RAHSTA Expo, part of the India Construction Festival, will be held on October 9 and 10, 2024, at the Jio Convention Centre in Mumbai. For more details, visit: https://rahstaexpo.com

The Pune Municipal Corporation (PMC) has commenced the process of collecting property taxes from the Metro railway authority. This move will involve levying taxes on 18 stations, two depots, and various other properties owned by the Maha Metro Rail Corporation. It is anticipated that the civic body will accrue approximately Rs 20 crore annually in taxes from the Metro authorities. PMC officials have explained that the taxes will be calculated based on the annual rateable value of the properties in question. Ajit Deshmukh, the head of the PMC's property tax department, noted that property assessments are currently underway, and once the evaluation process is completed, the tax bills will be dispatched. In recent months, revenue generated from tax collection has exceeded Rs 1,300 crore. The PMC faced a slight delay in tax bill distribution due to the announcement of the reintroduction of a 40% discount on self-occupied properties, which required the bills to be reprinted. The PMC's jurisdiction encompasses around 12 lakh properties, all of which are liable to pay property taxes. The civic administration incentivizes early tax payment by offering a special discount to taxpayers who settle their dues before May 31 each year. This initiative to collect property taxes from the Metro railway authority reflects the PMC's ongoing efforts to ensure that all property owners contribute to the city's revenue, including major infrastructure entities like the Metro, thereby supporting the city's growth and development.

Next Story
Infrastructure Urban

Govt approves NPCIL-NTPC JV company ASHVINI to start nuclear power generation

The Government on September 11, 2024 accorded approval to the Anushakti Vidhyut Nigam Ltd. (ASHVINI), a Joint Venture (JV) of Nuclear Power Corporation of India Limited – NPCIL (51%) and NTPC Ltd. (49%) to build, own & operate nuclear power plants in India in accordance with provisions of the Atomic Energy Act. Additionally Govt. of India has approved transfer of Mahi Banswara Rajasthan Atomic Power Project (MBRAPP) 4x700 MWe based on indigenous PHWR technology, from NPCIL to the JV Company ASHVINI. The Govt has also approved exemption to NPCIL to invest more than Rs 5 billion and exemptio..

Next Story
Infrastructure Urban

CRC Group partners with Dubai’s Killa Design for luxury Noida project

Noida-based real estate developer CRC Group has teamed up with renowned Dubai architect Shaun Killa to design an ultra-luxury residential project in Greater Noida. Shaun Killa, known for iconic structures such as Dubai's Museum of the Future and the Bahrain World Trade Centre, brings his expertise in sustainability and innovation to the collaboration. Killa expressed excitement about the partnership, stating, "Our goal is to create a design that stands the test of time, respects the environment, and complements the culture of the region." The project, set to feature between 375 to 400 luxury u..

Next Story
Infrastructure Urban

Nexus Venture sells stake in India Shelter Finance for Rs 4.82 billion

Venture capital firm Nexus Venture Partners divested a 5.97% stake in India Shelter Finance Corporation for Rs 4.82 billion through open market transactions. India Shelter Finance, based in Gurugram, caters to first-time home loan buyers in Tier-II and Tier-III cities, focusing on the low- and middle-income segments. Nexus, via its affiliates Nexus Ventures III and Nexus Opportunity Fund II Ltd, sold 6.4 million shares in two bulk deals on the BSE, priced between Rs 752.35 and Rs 753.27 per share, resulting in a total deal value of Rs 4.81 billion. This transaction reduced Nexus' stake in the ..

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