The Navi Mumbai Municipal Corporation (NMMC) has successfully collected Rs 465.7 crore as property tax during the initial nine months of the financial year 2023-24 (FY24), showcasing a notable increase from the Rs 398.65 crore collected during the corresponding period in the previous fiscal year. Property tax stands out as a significant revenue source for the NMMC, particularly in Navi Mumbai, a prominent industrial hub within the Mumbai Metropolitan Region.
In its revenue collection strategy, the civic body has placed a strong emphasis on recovering arrears, utilizing data from newly assessed properties. Additionally, the NMMC initiated the first phase of a LiDAR (Light Detection And Ranging) survey in the Maharashtra Industrial Development Corporation (MIDC) area. With three months remaining in FY24, the NMMC has set an ambitious target of collecting Rs 800 crore in property tax for the entire financial year 2023-24.
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Dhwani is a content management expert with over five years of professional experience. She has authored articles spanning diverse domains, including real estate, finance, business, health, taxation, education and more. Holding a Bachelor’s degree in Journalism and Mass Communication, Dhwani’s interests encompass reading and travelling. She is dedicated to staying updated on the latest real estate advancements in India.
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