Sunday, July 21, 2024

Navi Mumbai Municipal Corporation Surpasses Property Tax Collection Target, Aiming for Rs 800 Crore in FY23-24

In the first nine months of the fiscal year 2023-24, the Navi Mumbai Municipal Corporation (NMMC) has successfully gathered Rs 465.70 crore in property tax, showcasing a notable increase from the Rs 398.65 crore collected during the same period in the preceding fiscal year. This revenue, a significant contributor to the NMMC’s financial resources, is particularly crucial given Navi Mumbai’s prominent status as an industrial hub within the Mumbai Metropolitan Region.

To enhance revenue collection, the civic body has prioritized the retrieval of outstanding dues, capitalizing on data derived from newly assessed properties. Additionally, the NMMC has undertaken the initial phase of a LiDAR (Light Detection and Ranging) survey in the Maharashtra Industrial Development Corporation (MIDC) area, as outlined in an official statement.

As the fiscal year continues, the NMMC remains ambitious, setting a target of achieving a property tax collection totaling Rs 800 crore by the end of the financial year 2023-24. With three months still remaining, these proactive measures and strategic initiatives are expected to contribute to the realization of the set financial goal.

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