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Investors in Gujarat raced to register their homes before the deadline as the 100% hike in jantri rates will take effect on April 15. The government's revenue from stamp duty and registration fees in the January to March quarter significantly increased because of the rush. Revenue increased by 57% to Rs 4,876 crore in 2022 compared to the same period in 2022. The number of properties registered increased by 18% from 4,36,665 in January-March 2022 to 5,15,116 this year.Read more
The Navi Mumbai Municipal Corporation (NMMC) has set a record by collecting the most revenue ever in a single fiscal year 2022-23 through property tax which is a major source of revenue for the civic body. The civic body has surpassed all the previous year property tax collections and is Rs107.17 crore ahead of the previous fiscal. The total collection of property tax in 2022-23 was Rs 633.17 crore, up from 526 crore in 2021-2022. The revised year-end target was Rs 575 crore. However, NMMC earned Rs 58.17 crore more than the target.Read more
Jumping in on technology bandwagon, the Hubballi-Dharwad Municipal corporation has announced the launch of a mobile application that will allow citizens to pay their property taxes directly via their cell phones. The new web and mobile-based technology will be operational beginning with the ensuing fiscal year. Previously HDMC generated tax challans using 20-year-old XP-based technology which has now been replaced by a new technology. Previously HDMC generated tax challans using 20-year-old XP-based technology which has now been replaced by a new technology.Read more
The Greater Visakhapatnam Municipal Corporation (GVMC) has achieved a record high in tax collections for the financial year 2022-23, surpassing its own target of 375 crore. The GVMC, which is responsible for collecting property taxes in the city, collected a total of 421.5 crore, including vacant land tax receipts. This is a significant improvement compared to the previous fiscal years when the tax collection was impacted by the Covid-19 pandemic.Read more
The Pune Municipal Corporation (PMC) has extended the deadline for property owners to pay their taxes at discounted rates. The previously deadline was May 31, which has now been extended to June 30. Further, tax defaulters have been given an extension until April 30 to clear their dues. The state government has announced a 40% tax discount for self-occupied properties, but the civic administration has yet to receive a detailed notification about it, which could delay the distribution of tax bills. Therefore, additional time has been given to pay the tax at discounted rates.Read more
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According to sources from the district administration, the cost of purchasing land set to increase by 5% to 45% in the state capital of Madhya Pradesh. According to the revised collector guidelines rates applicable from this fiscal year, the registry of land will go up by 5% to 20% in 732 locations in Bhopal. However, the registry rate at one location on Kerwa dam road, where a posh colony is coming up, has been raised by 45%.Read more
The Chandigarh Municipal Corporation collected more than Rs 69.50 crore in property taxes in the recent fiscal year which concluded on March 31. As payments were being taken through E-Sampark centres at night the amount is certain to rise. Both business and residential properties in the city contributed to the collection of the property tax. A portion of the money was also given by individuals in the form of property title changes and book entries.Read more
According to block deal data available on the National Stock Exchange (NSE), private equity firm WSI WSOI V Mauritius Investors, which is an affiliate company of Walton Street Capital, divested its entire 14.27% stake in Shriram Properties for Rs 134 crore. through an open market transaction. WSI WSQI V Mauritius Investors held over 2.42 crore shares, equivalent to a 14.2% stake in Shriram Properties at an average price of INR 55.05 apiece.Read more
The decision by the state government to grant interest waiver on property tax dues in urban areas has resulted in significant revenue for civic bodies during the last few days of the fiscal year. Urban local bodies collected nearly 40% additional revenue during the current fiscal year compared to last year's tax collections. The tax revenues saw a sudden jump in the last fortnight of March after the state government waived penal interest on accumulated tax dues since 2020-21.Read more
The Greater Chennai Corporation (GCC) has proposed a 20% discount on property taxes for big-ticket defaulters who owe the civic body more than 346 crore. This move, however, comes with certain conditions. Defaulters are only eligible for the discount if they pay their dues in one go and within three months of the council adopting the resolution. The scheme targets those who have accumulated dues for more than five years and has been sent to the state government for approval.Read more
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