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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
03-05-2025
- Business
- Time of India
NMC demands Rs491cr from govt for completed projects
Nagpur: The Nagpur Municipal Corporation (NMC) has again urged the state govt to release Rs491.90 crore in pending funds meant for civic development, accusing it of withholding sanctioned money even after several projects were completed. Despite approval of Rs708.09 crore since 2023, the civic body received only Rs296.11 crore to date, including a fresh tranche of Rs27.89 crore confirmed by the district collectorate on Friday. In its latest communication, the NMC has highlighted that many key projects—ranging from cement roads, drainage lines, hospital upgrades, to e-libraries and research centres—were either completed or are nearing completion, but payments have not kept pace. Officials warn that the lack of funds is crippling the civic body's ability to pay contractors and resume work on halted projects. A senior civic official, privy to the developments, said, "We have been following up repeatedly. The govt releases funds selectively and in instalments, causing major disruption in our planned works." North Nagpur—represented by Congress leader Nitin Raut for two consecutive terms—has not been allocated any funds from the sanctioned packages since 2023. This glaring omission has sparked allegations of political bias in the disbursal of development funds, especially as allocations have flowed more freely in constituencies held by the BJP, including former deputy chief minister Devendra Fadnavis's stronghold in South-West Nagpur. In East Nagpur alone, projects worth over Rs318 crore were sanctioned, but only Rs58.75 crore released. Completed works, including a Rs5 crore package sanctioned in March 2023 and a Rs10 crore set of works from August 2023, remain unpaid. Similar delays are evident across South, Central, West, and South-West Nagpur, where multiple crore-worth projects await dues even as tenders are executed and works progress. A Rs40 crore allocation for Swargiya Prabhakar Datke Hospital and an e-library in Central Nagpur has seen only Rs10.96 crore disbursed. Likewise, a Rs26.40 crore research centre in Shankar Nagar, announced just before the 2024 assembly elections, has only received Rs7.29 crore. Adding to this, a special city fund of Rs20 crore allocated in August 2024 has seen a dismal release of just Rs2.98 crore. In Kamptee's Hudkeshwar and Narsala, out of the Rs15 crore sanctioned in October 2024, disbursal remains negligible. Interestingly, the work was sanctioned days before the state assembly elections. With civic elections on the horizon, the NMC's sharpened tone signals growing frustration and mounting public pressure. The continued delay in funding is now not just an administrative concern but a political flashpoint, with allegations of selective approvals and unequal treatment gaining ground.
Express Tribune
08-04-2025
- Business
- Express Tribune
Gold prices fall in Pakistan amid global downturn
Listen to article The price of gold in Pakistan fell by Rs2,000 per tola on Tuesday, following a drop in international gold prices. The gold was priced at Rs318,000 per tola in the local market, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). The price of 10 grams of gold also declined, dropping Rs1,715 to Rs272,633. Gold prices have been on a downward trajectory due to global economic uncertainties. On Saturday, the price per tola had reached Rs320,000, following a single-day fall of Rs5,500. The international price of gold decreased on Tuesday, with the rate dropping by $28 to $3,010 per ounce, according to APGJSA. Meanwhile, silver prices saw a marginal drop of Rs50, settling at Rs3,170 per tola.
Express Tribune
24-03-2025
- Business
- Express Tribune
Gold prices range-bound amid selling pressure
In recent weeks, buoyant gold prices have remained range-bound in Pakistan, rising by only Rs600 on Monday, reflecting a similar trend in the international market and reaching Rs318,600 per tola. The price of 10-gram gold stood at Rs273,148 after a gain of Rs515, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). International gold prices for Pakistan also saw a modest rise. As per APGJSA, the global gold rate stood at $3,027 per ounce (including a $20 premium), marking an increase of $5 during the day. Despite the mild rise, market analyst Adnan Agar, Director of Interactive Commodities, highlighted the downward pressure in the market. He noted that gold opened at $3,024 per ounce, peaked at $3,033, and later dropped to $3,007. According to Agar, the market is experiencing selling pressure, and if the price closes below $3,000, it could decline further to $2,960. He emphasised that the market's movement beyond this level will be crucial in determining the next trend. Globally, gold prices dropped on Monday as the dollar touched an over two-week high, while investors assessed US President Donald Trump's more cautious stance on tariffs against trading partners. Spot gold fell 0.4% to $3,010.33 an ounce, while US gold futures edged down 0.2% to $3,015.50. "We've hit record after record, and now the market is just consolidating these gains, which is reinforced by a somewhat higher US dollar," said Bart Melek, head of commodity strategies at TD Securities. Gold, traditionally seen as a hedge against geopolitical and economic uncertainties and often thriving in a low-interest-rate environment, has hit 16 record highs this year and reached an all-time peak of $3,057.21 last week. The US dollar rose 0.2%, hitting an over two-week high and making greenback-priced bullion more expensive for overseas buyers. Trump hinted on Friday that there would be some flexibility regarding reciprocal tariffs set to take effect on April 2, which are expected to drive inflation and hinder economic growth. Meanwhile, the Pakistani rupee experienced a slight decline against the US dollar, depreciating by 0.04% in the inter-bank market on Monday. By the close of the trading session, the rupee settled at 280.37, down by 11 paisa against the greenback. In the previous week, the local currency remained relatively stable, closing at 280.26a marginal drop of 4 paisa (0.01%) compared to 280.22 in the prior week, according to data from the State Bank of Pakistan (SBP). On the global front, the US dollar hovered just below a three-week high against major currencies on Monday, as traders awaited further clarity on US President Donald Trump's next round of tariff decisions.
