Navi Mumbai civic body collects property tax of Rs 465.7 cr in 9 months of FY24

The Navi Mumbai Municipal Corporation NMMC has collected Rs 465.70 crore as property tax in nine months of the financial year 2023-24 compared to Rs 398.65 crore in the same period of the previous fiscal, officials said.Property tax is one of the major source of revenue for the NMMC.

The Navi Mumbai Municipal Corporation (NMMC) has collected Rs 465.70 crore as property tax in nine months of the financial year 2023-24 compared to Rs 398.65 crore in the same period of the previous fiscal, officials said.

Property tax is one of the major source of revenue for the NMMC. Navi Mumbai is a major industrial belt in the Mumbai Metropolitan Region. The civic body laid emphasis on recovering arrears, leveraging data from newly assessed properties and conducted the first phase of LiDAR (Light Detection And Ranging - a remote sensing & surveying technology) survey in the Maharashtra Industrial Development Corporation (MIDC) area, an official release said.

With three months still left, the NMMC has set a target of collecting property tax of Rs 800 crore in the financial year 2023-24.

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