Nagpur Body Collects Rs 836 Million in Property Tax as Scheme Ends
ECONOMY & POLICY

Nagpur Body Collects Rs 836 Million in Property Tax as Scheme Ends

The Nagpur Municipal Corporation (NMC) concluded its property tax rebate scheme on December 31, 2024, amassing Rs 836 million from 1,63,813 property owners between July 1 and December 31. The scheme offered a 10% rebate for online payments and 5% for offline payments, incentivising many to clear their dues. However, a significant number of taxpayers missed the opportunity. 

Earlier in the financial year, NMC introduced higher rebates of up to 15% for online payments and 10% for offline payments for dues cleared before June 30, 2024. This earlier phase of the scheme resulted in Rs 768.5 million being collected from 1,58,735 taxpayers. 

With a total of Rs 1.62 billion collected so far this fiscal, 322,000 of the city’s 740,000 property owners have availed of the rebate scheme. However, the remaining 417,000 taxpayers will now face a 2% monthly interest on outstanding dues. 

The highest collection from July 1 to December 31 was recorded in the Nehru Nagar zone, with Rs 108.9 million contributed by 24,526 property owners, followed by the Ashi Nagar zone with Rs 95.1 million and Laxmi Nagar zone with Rs 87.2 million. The Dharampeth zone reported the lowest collection of Rs 47 million from 5,820 taxpayers. 

Despite efforts to promote online payments, traditional methods remain popular. Between April 1 and December 31, only 36.15% of property owners chose online transactions, while around 195,000 taxpayers preferred cash payments. 

NMC now faces the challenge of meeting its ambitious Rs 3.5 billion property tax revenue target for the 2024-25 fiscal. With Rs 1.62 billion collected to date, the civic body must recover Rs 1.87 billion in the remaining three months of the financial year. 

(ET)          

The Nagpur Municipal Corporation (NMC) concluded its property tax rebate scheme on December 31, 2024, amassing Rs 836 million from 1,63,813 property owners between July 1 and December 31. The scheme offered a 10% rebate for online payments and 5% for offline payments, incentivising many to clear their dues. However, a significant number of taxpayers missed the opportunity. Earlier in the financial year, NMC introduced higher rebates of up to 15% for online payments and 10% for offline payments for dues cleared before June 30, 2024. This earlier phase of the scheme resulted in Rs 768.5 million being collected from 1,58,735 taxpayers. With a total of Rs 1.62 billion collected so far this fiscal, 322,000 of the city’s 740,000 property owners have availed of the rebate scheme. However, the remaining 417,000 taxpayers will now face a 2% monthly interest on outstanding dues. The highest collection from July 1 to December 31 was recorded in the Nehru Nagar zone, with Rs 108.9 million contributed by 24,526 property owners, followed by the Ashi Nagar zone with Rs 95.1 million and Laxmi Nagar zone with Rs 87.2 million. The Dharampeth zone reported the lowest collection of Rs 47 million from 5,820 taxpayers. Despite efforts to promote online payments, traditional methods remain popular. Between April 1 and December 31, only 36.15% of property owners chose online transactions, while around 195,000 taxpayers preferred cash payments. NMC now faces the challenge of meeting its ambitious Rs 3.5 billion property tax revenue target for the 2024-25 fiscal. With Rs 1.62 billion collected to date, the civic body must recover Rs 1.87 billion in the remaining three months of the financial year. (ET)          

Next Story
Infrastructure Transport

NHAI to Upgrade Tamil Nadu Highways

To reduce congestion on key national highways in Tamil Nadu, the National Highways Authority of India (NHAI) has planned capacity upgrades for at least eight highway stretches. The improvements will include bypasses, flyovers, and four-laning in Salem, Coimbatore, Tiruppur, Nilgiris, and Cuddalore. NHAI has invited tenders to appoint consultants for preparing detailed project reports (DPRs) on these expansions. The affected highways include NH-181, NH-81, NH-532, NH-85, and NH-136. Proposed Upgrades Across Highways - NH-181 (Coimbatore-Gundlupet Route): This stretch will see four bypasses an..

Next Story
Infrastructure Transport

Ludhiana-Bathinda Highway Revived as NHAI Invites Bids

The Ludhiana-Bathinda highway project, initially stalled due to land acquisition issues, has been revived as the National Highways Authority of India (NHAI) invites fresh bids to resume construction. The project, part of the Ludhiana-Ajmer Economic Corridor, is estimated to cost Rs 24.61 billion and will be executed in two phases. Package 1, covering 30.03 km, has a budget of Rs 9.06 billion, while Package 2, spanning 45.25 km, is set to cost Rs 15.55 billion. The NHAI had previously withdrawn the project due to unavailability of land. However, intervention from Union Minister for Road Trans..

Next Story
Infrastructure Urban

Dilip Buildcon Wins Rs 460M Arbitration

Infrastructure major Dilip Buildcon has secured an arbitration award of Rs 460 million against the National Highways Authority of India (NHAI) over delays and breaches during the execution of a highway project in Karnataka. The dispute pertains to the Rehabilitation and Upgradation of the Kerala Border to Kollegala Section of NH 212, awarded to Dilip Buildcon under an Engineering, Procurement, and Construction (EPC) agreement dated June 6, 2014. The project involved two-lane expansion with paved shoulders and four-lane development under the National Highways Development Project (NHDP) Phase IV..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?