Notices, bands net Rs 310 crore property tax in Pune
Apr 07, 2014
Source : The Times of India


PUNE: The Pimpri Chinchwad Municipal Corporation (PCMC) has collected an all-time high annual property tax of Rs 310 crore.

Speaking to TOI, assistant commissioner and chief of property tax department Bhanudas Gaikwad said it was the highest income by the department in 32 years.

Octroi collection was the main source of income for the civic body till the state government replaced it with the local body tax (LBT) last April. The other two major sources of income are the building permission and property tax departments.

“The main focus of the department was to recover the maximum amount of arrears which totalled up to Rs 299 crore at the beginning of the fiscal. We had sent notices to the owners of around 1.25 lakh properties, who had arrears of more than Rs 1,000 each. The department was able to recover a total of Rs 128 crore from the defaulters,” Gaikwad said.

The annual budget target for the property tax department was to collect Rs 327 crore in 2013-14. When the state government introduced the LBT, the civic body was expected to have a deficit of Rs 330 crore when compared to the octroi income.

Therefore, former municipal commissioner Shrikar Pardeshi had increased the collection target for the property tax department to Rs 400 crore. He had asked the department to start playing brass bands in front of the defaulters’ properties to recover the arrears.

The municipal limits were divided into 15 divisions and as many as 10 brass band teams were hired to cover all the areas. “The brass bands helped us recover arrears of around Rs 25 crore,” Gaikwad said.

A civic official said the services of the brass bands could be utilized only for around two months as the fiscal ended on March 31.

Many employees of the department had been roped in for preparations of the Lok Sabha elections, therefore, very few staffers were available for further recovery of the property tax. Had these hurdles not been there, the department would have collected around Rs 340 crore, the official said.

Latest Realty News

Is it time to stop the endless building of flyovers in India?
Apr 07, 2014
MUMBAI: On April 9, 1964 The Times of India reported that the Bombay Municipal Corporation planned to build a flyover at Kemp's Corner. Five roads met at the junction, situated between two hills, and the traffic congestion was bad. "The 48-foot bridge will segregate the north-south and east-west vehicular traffic," ToI reported.
Notices, bands net Rs 310 crore property tax
Apr 07, 2014
PUNE: The Pimpri Chinchwad Municipal Corporation (PCMC) has collected an all-time high annual property tax of Rs 310 crore.
Senior citizens - an emerging real estate mkt for developers
Apr 07, 2014
MUMBAI: Senior citizens are emerging as a new customer segment for property developers as well as other allied services providers for creating a proper assisted living environment for them, say realty experts.
Is it the right time to buy real estate stocks?
Apr 07, 2014
MUMBAI: After underperforming in 2013, when it declined almost 34 per cent, the BSE Realty Index has rallied by 21 per cent over the past month. For a long time now, retail investors have shunned real estate stocks.
Bet big on office space
Apr 07, 2014
MUMBAI: Thinking of buying your third apartment at Worli? Why not an office block in BKC instead? It may not have quite the charm or glamour of a penthouse apartment, but it can certainly get you hefty returns.
Godrej Properties to develop new project in Bangalore
Apr 07, 2014
PUNE: Godrej Properties Ltd, the real estate development arm of the Godrej Group, has entered into an LLP to develop a residential township project in North Bangalore. This will be developed as a profit-sharing partnership like most other projects by the company.
Investments in realty shrank 65% in 2013
Apr 07, 2014
MUMBAI: India’s real estate sector is estimated to have received $1.2-billion (around Rs 7,200 crore) investments in 2013, down 65 per cent from the previous year’s $3.4 billion, according to a report by real estate consultancy Cushman and Wakefield.
Prime Residential Development Land Index for Mumbai witnesses 35.2% increase
Apr 05, 2014
MUMBAI: In the last two years, the Prime Residential Development Land Index for Mumbai has witnessed an appreciation of 35.2%.
Home, tweet home
Apr 05, 2014
MUMBAI: It’s a simple case of necessity giving birth to invention. Back in 2012, when Pankhuri Shrivastava was a fellow of Teach For India, a non-profit organisation, she experienced firsthand the many challenges of living in Mumbai. It was tough to rent a house without paying high brokerages and even tougher to find like-minded flatmates.
Overseas investors are bullish on India: I-Pru chief
Apr 05, 2014
MUMBAI: Investor-centric focus and investment performance have catapulted ICICI Prudential Asset Management Company to the number two position behind HDFC Mutual Fund. ICICI Prudential currently has an asset base of over ?1 lakh crore.

Latest Realty News Of State

Realty Talk's