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Time of India
06-05-2025
- Business
- Time of India
Nagpur civic body struggles as property tax arrears hit Rs 938 crore in 2025
NAGPUR : The cash-strapped Nagpur Municipal Corporation (NMC) continues to struggle with its finances with property tax arrears soaring to a staggering Rs938 crore at the end of the 2024-25 financial year. As per NMC data, over 67% of property owners have defaulted on paying their property tax, leaving the civic body high and dry. While the NMC collected about Rs318 crore in property tax in the last fiscal year, the unpaid dues are almost three times of recovered amount, revealing a severe compliance and enforcement gap. Out of 6.87 lakh total properties registered within the municipal limits, 4.6 lakh failed to pay tax in the last financial year. NMC's property tax target was Rs325 crore but it ended up recovering only Rs284 crore, excluding tax from govt properties. Ashi Nagar zone reported the highest number of defaulters, with 1.08 lakh out of 1.19 lakh properties not paying their dues. This zone alone accounts for nearly Rs169 crore in arrears. Mangalwari and Laxmi Nagar zones followed closely with 51,813 and 40,729 defaulting properties, respectively. Arrears in Mangalwari stand at a whopping Rs159.6 crore, while Laxmi Nagar owes Rs153 crore. These three zones together account for almost half of NMC's total pending dues. Dhantoli zone has lowest number of defaulting properties, but it still accounts for Rs50.9 crore pending dues. Of 22,521 properties in the zone, 10,034 defaulted in property tax payment. Gandhibag recorded 14,906 defaulters from 27,459 properties, with pending dues of Rs18.9 crore — the lowest arrear amount among all zones. Sataranjipura also showed relatively better compliance, with 26,273 properties defaulting out of 42,039, adding up to Rs32.9 crore in unpaid taxes. Overall, the total number of defaulters across all 10 zones is 4,60,685 with cumulative arrears at Rs938.7 crore. Civic officials acknowledge that the growing tax default trend is undermining the municipal corporation's ability to fund infrastructure and basic services. Despite several awareness drives and notices issued to property owners, enforcement measures have remained largely ineffective. According to sources, officials are reportedly planning stricter recovery actions, including sealing of properties, publication of defaulter lists, and possible legal action. However, without systematic reforms and a stronger administrative push, the civic body's financial health may continue to decline under the weight of unpaid dues.
Time of India
05-05-2025
- Business
- Time of India
NMC Stares At Over Rs938 Crore In Property Tax Arrears
Nagpur: The cash-strapped Nagpur Municipal Corporation (NMC) continues to struggle with its finances with property tax arrears soaring to a staggering Rs938 crore at the end of the 2024-25 financial year. As per NMC data, over 67% of property owners have defaulted on paying their property tax, leaving the civic body high and dry. While the NMC collected about Rs318 crore in property tax in the last fiscal year, the unpaid dues are almost three times of recovered amount, revealing a severe compliance and enforcement gap. Out of 6.87 lakh total properties registered within the municipal limits, 4.6 lakh failed to pay tax in the last financial year. NMC's property tax target was Rs325 crore but it ended up recovering only Rs284 crore, excluding tax from govt properties. Ashi Nagar zone reported the highest number of defaulters, with 1.08 lakh out of 1.19 lakh properties not paying their dues. This zone alone accounts for nearly Rs169 crore in arrears. Mangalwari and Laxmi Nagar zones followed closely with 51,813 and 40,729 defaulting properties, respectively. Arrears in Mangalwari stand at a whopping Rs159.6 crore, while Laxmi Nagar owes Rs153 crore. These three zones together account for almost half of NMC's total pending dues. Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Start Here - 2025 Top Trend Local network access control Esseps Learn More Undo Dhantoli zone has lowest number of defaulting properties, but it still accounts for Rs50.9 crore pending dues. Of 22,521 properties in the zone, 10,034 defaulted in property tax payment. Gandhibag recorded 14,906 defaulters from 27,459 properties, with pending dues of Rs18.9 crore — the lowest arrear amount among all zones. Sataranjipura also showed relatively better compliance, with 26,273 properties defaulting out of 42,039, adding up to Rs32.9 crore in unpaid taxes. Overall, the total number of defaulters across all 10 zones is 4,60,685 with cumulative arrears at Rs938.7 crore. Civic officials acknowledge that the growing tax default trend is undermining the municipal corporation's ability to fund infrastructure and basic services. Despite several awareness drives and notices issued to property owners, enforcement measures have remained largely ineffective. According to sources, officials are reportedly planning stricter recovery actions, including sealing of properties, publication of defaulter lists, and possible legal action. However, without systematic reforms and a stronger administrative push, the civic body's financial health may continue to decline under the weight of unpaid dues. |
Time of India
25-04-2025
- Business
- Time of India
NMC commissioner reads riot act to lax officials
Nagpur: Nagpur Municipal Corporation (NMC) commissioner Abhijeet Chaudhari has warned officials of stern action if they failed to achieve the property tax recovery target after the civic body failed to meet last year's target. In a high-level review meeting held on Friday, Chaudhari issued firm directives to officials, setting an ambitious target of Rs400 crore in property tax recovery for the 2025-26 financial year. Last year, NMC aimed to collect Rs325 crore property tax, but recovered only Rs284 crore. Chaudhari called for a detailed audit of why targets weren't met, pointing out that some zones collected less than 50% of their assigned goals. He instructed that notices be issued to underperforming officers and employees, demanding explanations. As part of the revamped strategy, around 3.25 lakh property tax bills will be sent out via post, while the remaining 4 lakh bills will be hand-delivered by municipal staff. To avoid miscommunication, officials have been told to update the addresses and mobile numbers of property owners. Chaudhari also stressed the importance of identifying and reassessing undervalued or under-assessed properties across all zones, calling for active involvement from assistant commissioners. "Each zone has its discrepancies. It's time we fix those," he said, urging officials to step up efforts in rehabilitating taxable properties. The NMC has also initiated a new campaign to identify new properties for tax inclusion, and GIS data compilation has been made a top priority. NMC has introduced a chatbot for providing information about property tax to help citizens access information related to their dues. Moreover, special instructions have been given to ensure tax is collected from govt properties, with Chaudhari insisting that "Aatacha Paath Purawa" — documentation and proof — be completed without delay. "Performance will be monitored closely, and action will be taken against those who don't meet expectations," the commissioner warned, signalling a no-nonsense approach going forward.
Express Tribune
03-04-2025
- Business
- Express Tribune
SBP range-bound reserves hit $10.7 billion
Listen to article State Bank of Pakistan (SBP) reserves saw a notable increase during the week ending March 28, 2025, rising by $70 million to reach a total of $10.7 billion, with commercial banks maintaining net foreign reserves of $4.9 billion. As of March 28, 2025, Pakistan's total liquid foreign reserves stood at $15.6 billion. Meanwhile, the rupee experienced a slight dip against the US dollar, falling by 0.14% in the inter-bank market on Thursday. At the close of trading, the currency settled at 280.56, marking a decline of Rs0.40 against the greenback. On the international front, the US dollar weakened across the board on Thursday, while the euro strengthened following US President Donald Trump's announcement of aggressive tariffs against trading partners. The tariffs, set to take effect on April 9, will target around 60 countries, including a 29% tariff on Pakistan. Speaking to The Express Tribune, Zafar Paracha, President of the Exchange Companies Association of Pakistan, highlighted that foreign direct investment (FDI) profits, record earnings by banks and multinational companies, and profit repatriations are exerting pressure on the exchange rate. Typically, this period does not experience such pressure, especially during or after Ramazan, when remittances usually increase. In March 2025, remittances are expected to reach $3.5 billion, compared to $3.2 billion in February 2025. Paracha also pointed out that most banks in Pakistan are foreign-owned, and payments for commercial import bills have added further strain. Regarding trade, he noted that Pakistan's exports to the US have remained stagnant at $5 billion for over 20 years. He criticised exporters for their lack of effort, describing them as overly reliant on government support instead of exploring new markets or enhancing their competitiveness. He suggested that this is the right time to incentivise exchange companies and overseas Pakistanis to help offset the impact of US tariffs on Pakistan. He emphasised that a significant portion of remittances still flow through unofficial channels. While Pakistan has seen an average annual remittance growth of 810%, he believes there is potential to reach 20% growth, given that 2.5 million Pakistanis migrated abroad in the last three years, with a total overseas Pakistani population exceeding 12 million. In comparison, peer countries achieve annual remittance growth of around 20%, but Pakistan has lagged behind. Paracha also criticised Pakistan's export strategy, stating that the country primarily exports raw materials such as rice, cotton, and fruit, without adding value or taking risks to enter new markets and build strong global brands. Meanwhile, gold prices hit a new all-time high in Pakistan on Thursday, mirroring the rise in international rates. In the local market, the price of gold per tola climbed to Rs325,500, reflecting an increase of Rs500 in a single day, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
Express Tribune
29-03-2025
- Business
- Express Tribune
Despite holidays, gold's record rally continues
Listen to article Despite holidays, gold surged to a new peak on Saturday, maintaining its record-breaking streak in Pakistan by mirroring international markets. The price of gold per tola surged by Rs1,620 to settle at Rs325,000. Likewise, the price of 10-gram gold rose by Rs1,389 to Rs278,635, according to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA). International gold prices also saw an upward trend. As per APSGJA, the global rate stood at $3,084 per ounce (including a $20 premium), higher by $10. On Friday, gold had climbed by Rs2,380, closing at the previous record high of Rs323,380 per tola. Interactive Commodities Director Adnan Agar said that the Pakistan Mercantile Exchange (PMEX) was closed on Saturday, so no trading took place. Internationally, gold prices surged to a record high on Friday as investors flocked to the safe-haven asset amid fears of a global trade war triggered by US President Donald Trump's latest tariffs. Spot gold climbed 0.6% to $3,074.43 an ounce after hitting its 18th record high this year at $3,086.70 earlier in the session. Bullion was up 1.7% this week. US gold futures settled 0.8% higher at $3,114.30. "It continues to be safe-haven demand on ramped-up concerns about tariffs, trade and ongoing geopolitical uncertainty," that is supporting gold, said Peter Grant, Vice President and Senior Metals Strategist at Zaner Metals. Gold, traditionally seen as a hedge against economic and political instability, tends to thrive in a low interest rate environment. The Personal Consumption Expenditures (PCE) price index increased 0.4% in February, compared with analysts' expectation of 0.3% rise, similar to January's increase. The data isn't likely to change rate cut expectations very much, as it is only a little hotter than expected, Grant added. The Federal Reserve has held interest rates steady so far this year after three rate cuts in 2024, but hinted at potential rate cuts of half percentage points later in the year. The market is currently pricing in 63 basis points in Fed rate cuts by year-end, starting in July. Markets are now bracing for Trump's plans for reciprocal tariffs, which he intends to lay out on April 2. His policies are perceived as inflationary, posing a risk to economic growth and escalating trade tensions, analysts say. Spot silver fell 1.4% to $33.93 an ounce, platinum eased 0.7% to $979.10, and palladium was down 0.3% to $972.13. All three were set for weekly gains.
