Tag: Nashik

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Nashik: NMC Requires 50:50 Premium FSI & TDR for Faster Land Deals

NASHIK: The local municipality has mandated developers to utilize premium floor space index (FSI) and transfer of development rights (TDR) in an equal 50:50 ratio for all construction projects under the 2020 Development Control and Promotion Regulations. This initiative aims to revitalize the declining demand for TDR while ensuring fair compensation for landowners. The directive was issued by municipal commissioner Manisha Khatri. The move comes in response to a drop in TDR rates in recent years, leading to disappointment among landowners and hindering the acquisition of land designated for public amenities in the city’s development blueprint. Under the TDR system,…

Latest StoriesRegulatory

Nashik City Issues Notices to 500 More Property Tax Defaulters

NASHIK: The Nashik Municipal Corporation (NMC) has issued notices to an additional 500 property tax defaulters, each with outstanding dues exceeding Rs 1 lakh. They have been granted 21 days to settle their debts, after which warrants will be issued against them. Recently, the property tax department sent notices to 450 defaulters, bringing the total number of notices issued in recent weeks to 950. According to regulations, the annual property tax must be paid by December 31; failure to do so results in a 2% penalty per month. Unfortunately, many taxpayers did not adhere to the deadline, prompting the civic…

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Nashik issues notices to 450 property tax defaulters

NASHIK: The Nashik Municipal Corporation (NMC) has issued notices to 450 defaulters, each with property tax dues exceeding Rs 1 lakh, instructing them to pay within 15 days. This decision came after a directive from the municipal commissioner, Manisha Khatri, which aimed to identify major defaulters in each division and enhance recovery efforts. For the current financial year (2025-26), the civic body targets a property tax collection of Rs 270 crore. However, as of February 10, the collection stands at only Rs 215 crore, indicating a shortfall of Rs 55 crore with just over a month and a half left…

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Nashik: March 10 Deadline for Property Tax Objections

NASHIK: The Nashik Municipal Corporation (NMC) has set a deadline of March 10 for property taxpayers in the city to file objections concerning property tax assessments and other related details. The property tax department has approximately 5.90 lakh taxpayers registered. To facilitate verification, NMC has made ‘property registers’ accessible at each of its six divisional offices. Taxpayers are encouraged to check these registers to confirm the accuracy of their property assessments, including owner names, property addresses, name corrections, tax bill issues, and changes in property usage. NMC officials stated that if no objections are raised before the March 10 deadline,…

Latest StoriesResidential

Nashik: 75,000+ beneficiaries to receive homes on Republic Day

NASHIK: The Nashik Zilla Parishad (ZP) has facilitated the construction of over 75,000 homes through various housing schemes, which will be handed over to beneficiaries on Republic Day. The CEO of Nashik ZP, Omkar Pawar, stated, “The construction and payments to the beneficiaries have been completed. They will move into their new homes on Republic Day.” The District Rural Development Agency has reported that 51,000 houses were built under the Pradhan Mantri Awas Yojana (Rural), with an additional 24,000 houses constructed through various state-sponsored initiatives. “This endeavor was successfully executed through collaboration among various departments. The Nashik ZP is dedicated…

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Nashik Civic Body Boosts Property Tax Recovery for 2025-26

NASHIK: The municipal authority has decided to intensify its property tax recovery efforts to achieve the collection goal for the financial year 2025-26. Starting next week, new notices will be sent to property owners who failed to pay their dues during the four-month amnesty scheme that was active from September to December 2025. The Nashik Municipal Corporation (NMC) has set a property tax collection target of ₹275 crore for the fiscal year 2025-26. As of January 22, the civic body has collected only ₹212 crore, resulting in a remaining shortfall of ₹63 crore within the next two months. In contrast,…

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Nashik to Receive Incentive FSI for Redevelopment: Maha Deputy CM

NASHIK: Deputy Chief Minister Eknath Shinde announced on Thursday that Nashik will soon enjoy incentive Floor Space Index (FSI) benefits similar to those of Thane and Pune to promote the redevelopment of aging buildings. This pledge was made during an interactive meeting hosted by State Industries Minister Uday Samant with industry and trade associations in Nashik. Members of the Confederation of Real Estate Developers Association of India (Credai) expressed their concerns regarding obstacles in redevelopment initiatives. In response, Samant promptly contacted Shinde and briefed him on the issues. Shinde committed to formulating a policy that would implement additional FSI for…

Latest StoriesRegulatory

Nashik Collects ₹66 Crore in Property Tax in Four Months

NASHIK: The Nashik Municipal Corporation (NMC) successfully collected Rs 66 crore in property taxes from defaulters as part of its amnesty scheme during the September to December period of the current financial year. This brings the total property tax collection for the civic body to Rs 208 crore by the end of December 2025. An official reported that approximately 86,000 defaulters settled their dues, benefiting from rebates totaling Rs 22 crore. The scheme was launched for four months, offering penalty waivers between 85% and 95% for those who paid their outstanding amounts in full. Under standard regulations, the NMC imposes…

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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…

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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…