Tag: Nashik

Latest StoriesRegulatory

Nashik Collects ₹196 Crore in Property Tax This Fiscal Year

NASHIK: The civic body has reported an 8% increase in property tax collections for the first eight months of the financial year 2025-26, totaling Rs 196 crore from April 1 to December 4, compared to Rs 181 crore during the same timeframe last year (2024-25). According to officials from the Nashik Municipal Corporation (NMC), the Cidco division led the collections with Rs 42.8 crore, followed by Panchavati at Rs 39.3 crore, Nashik East at Rs 33 crore, and Nashik West at Rs 30.7 crore. The remainder of the collections originated from Nashik Road and Satpur divisions. NMC set a property…

Latest StoriesRegulatory

Builder nabbed in ₹23 crore fraud case in Nashik

NASHIK: A well-known builder in Nashik was apprehended by officials from the crime branch unit 1 late Tuesday in connection with a fraud case involving ₹23 crore. The builder constructed five buildings in Sansari, near Deolali Camp, in 2019. Although customers fully paid for their flats and took possession, he failed to prepare or provide the sale deeds, retaining ownership of the properties. Meanwhile, he colluded with officials from a private finance company to secure a loan of ₹23 crore by using the flats as collateral. The financial firm’s officers did not verify the documents presented by the builder and…

Latest StoriesResidential

Nashik Sees 57% Surge in Properties in 10 Years

NASHIK: Over the last decade, the city’s property market has seen an impressive 57% growth in the number of registered properties. From 3.80 lakh properties in the financial year 2014-15, the count surged to 6 lakh by 2024-25, marking the addition of around 2.2 lakh new residential and commercial units, indicative of the city’s rapid growth and heightened demand for space. Fueling this trend are new developments as individuals seek homes for comfort and investment, often relocating to Nashik for better job and business prospects. The Nashik Municipal Corporation (NMC) highlighted these findings in its recent environmental status report, noting…

IndustryLatest Stories

Maharashtra earns ₹29,795 crore from property fees by Oct 12

PUNE: Property registrations across Maharashtra continue to thrive, even after the recent increase in the ready reckoner (RR) rate, marking the first uptick in three years. The state has already gathered nearly half of its annual stamp duty and registration fees target as Diwali approaches. According to the state registration department, Maharashtra amassed ₹29,795 crore in stamp duty and registration fees by October 12, equating to 46.9% of the current financial year’s target of ₹63,500 crore. This represents a 7% increase from ₹27,834 crore during the same timeframe last year (up to the end of September), despite the recent RR…

CommercialLatest Stories

Maharashtra Cabinet Greenlights Policy to Double Global Centres by 2030

AI-generated image (representative) NAGPUR: On Tuesday, the state cabinet approved a new policy aimed at attracting investments in Global Capacity Centres (GCCs). The initiative emphasizes Tier-2 and Tier-3 cities such as Nagpur, Nashik, and Chhatrapati Sambhaji Nagar, with a goal of increasing the number of GCCs in the state to 800. This policy, effective from 2025 to 2030, seeks to draw in investments totaling ₹50,600 crore and create 400,000 new jobs. Currently, Maharashtra is home to 400 GCCs that employ 400,000 individuals. With this decision, Maharashtra joins other states like Gujarat, Karnataka, Madhya Pradesh, and Uttar Pradesh in having a…

IndustryLatest Stories

Nashik: Land Records to Hold ‘Bhumi Adalat’ Event

NASHIK: The land records department is set to hold a ‘Bhumi Adalat’ on October 1 at the division level to amicably settle land disputes between complainants and respondents. Mahesh Ingale, the deputy director of the land records department for Nashik division, stated that issues often revolve around mutation entries or land measurements. “Over 350 cases have been brought to my attention as the appellate authority, where aggrieved parties have challenged earlier decisions. In many instances, the solutions are straightforward, but people remain unaware,” he remarked. Ingale’s team aims to counsel all involved to reach mutually beneficial outcomes. He noted that…

Latest StoriesRegulatory

Nashik issues notices to 300,000 property tax defaulters

NASHIK: The municipal authority has issued notices to over 300,000 property tax defaulters, providing a 15-day deadline to settle their tax obligations. These defaulters owe a total of ₹400 crore in property taxes, which have remained unpaid for periods ranging from one year to as long as six years. The Nashik Municipal Corporation (NMC) oversees approximately 600,000 property tax accounts across its six divisions. NMC officials indicated that the tax collection target for the current fiscal year is ₹275 crore, of which ₹125 crore has been collected so far, leaving about ₹150 crore to be collected in the next six…

InfrastructureLatest Stories

Nashik Civic Body Plans to Raise ₹1,000 Crore via ADB Loans

NASHIK: The civic body plans to secure Rs 1,000 crore in loans from the Asian Development Bank (ADB) for various infrastructure projects ahead of the upcoming Simhastha Kumbh Mela, set for 2026 to 2028. The Nashik Municipal Corporation (NMC) has submitted a proposal to the state urban development department for approval. A senior civic official informed TOI, “Upon receiving approval, we will begin the process to raise Rs 1,000 crore through a loan from ADB.” An official mentioned that the state government will back the loan repayment to ADB. This initiative is part of NMC’s strategy to fund its share…

Latest StoriesRegulatory

Nashik Launches Tax Rebate Scheme for Property Defaulters

NASHIK: The Nashik Municipal Corporation (NMC) has announced an amnesty scheme for property tax defaulters, starting Monday, September 1. This initiative aims to recover a substantial part of the total outstanding property tax, which is estimated to be Rs784 crore, including Rs327 crore in penalties accumulated over the years. The scheme offers a significant waiver on penalties for those who clear their dues. Defaulters who pay off all outstanding property tax between September 1 and October 31 will receive a 95% waiver on the penalties. For payments made in November, the penalty waiver will be reduced to 85%. The NMC…

IndustryLatest Stories

Mahindra Seeks 350-Acre Land in Igatpuri

Representative image created by AI MUMBAI: Mahindra & Mahindra has expressed interest in acquiring 350 acres of land in Igatpuri, Maharashtra, as disclosed by a senior company official. The Mumbai-based automaker currently operates manufacturing facilities in Nashik and Igatpuri. “We have submitted our interest for 350 acres in Igatpuri, which is a crucial part of our ecosystem,” stated Rajesh Jejurikar, Executive Director and CEO of Mahindra & Mahindra (M&M) for the auto and farm sectors. He mentioned that the Nashik and Igatpuri plants would benefit from a supporting facility nearby. “This land can be utilized for various purposes, such as…