Construction Industry News
The Nashik Municipal Corporation (NMC) administration is not ready to waive property tax on smaller flats under 500 square meters, although the NCP City Unit and Mayor Satish Kulkarni have argued for it.
The NMC authorities told the media that of the total 5.5 lakh properties in the city, about 2.5 lakh measures less than 500 square feet. Moreover, about 50% of the total income through property taxes comes from this segment, which is estimated at Rs 50. crore.
The move will negatively impact NMC's property tax collection, and thus the financial health of the public body.
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