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

Next Story
Products

Viva ACP Launches FR A1-Rated Honeycomb Panels for Fire Safety

Viva, Asia’s largest manufacturer and supplier of aluminium composite panels (ACP) introduced its FR A1-rated Honeycomb Panels, setting a new industry benchmark for fire safety and architectural excellence. Engineered to deliver exceptional performance, these panels combine advanced fire-resistance technology with aesthetic versatility, offering a revolutionary solution for safety-critical environments.The FR A1 rating represents the highest standard of fire resistance under the European Standard EN 13501-1, signifying non-combustibility and zero contribution to fire, smoke, or toxic emissio..

Next Story
Real Estate

Almal Real Estate Expands into Commercial, Global Markets

Almal Real Estate Development is soon to announce its upcoming expansion into new verticals and international markets as part of its strategic growth plans for 2030. The company, known for its innovative luxury residential and hospitality developments, is preparing to diversify into the commercial sector with the introduction of The Smart Space, a network of business centers in UAE featuring five-star amenities. Additionally, Almal is entering new markets in Bali and Thailand as a community developer, focusing on villa and townhouse projects.The expansion into the commercial real estate sector..

Next Story
Infrastructure Urban

NABARD Approves Rs 9.03 Billion for 127 Projects in Himachal

The Himachal Pradesh government has secured approval from the National Bank for Agriculture and Rural Development (NABARD) for 127 projects worth Rs 9.03 billion for the 2024-25 fiscal, Chief Minister Sukhvinder Singh Sukhu announced. During a meeting with MLAs from Kangra, Kullu, Kinnaur, Solan, Chamba, Bilaspur, and Lahaul-Spiti districts to discuss priorities for the 2025-26 budget, Sukhu said the approved projects include 50 MLA-priority schemes under the Public Works Department, valued at Rs 4.12 billion, and 23 MLA-priority schemes under the Jal Shakti Vibhag, costing Rs 1.79 billio..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?