Nashik Municipality is set to reinstate the industrial property tax slab next year

A delegation of Nashik's industrial magnates, spearheaded by Nashik division MLC Satyajeet Tambe, convened with municipal commissioner Ashok Karanjkar last week to deliberate on a spectrum of challenges confronting the local industries. During the discourse, Tambe disclosed that the municipal commissioner had acceded to the adoption of the government's guidelines concerning property tax recovery from industrial entities falling within the industrial taxation category. In parallel, Karanjkar instructed the relevant municipal officials to meticulously ascertain the property tax rates befitting industries within this classification.
The municipal commissioner officially announced the inception of industrial property tax rates, scheduled to take effect on April 1, 2024, with a distinct focus on industries situated in the Ambad and Satpur industrial estates under the aegis of the Maharashtra Industrial Development Corporation (MIDC). Historically, Nashik had categorized property taxes into three distinct slabs, encompassing residential, industrial (non-residential), and commercial domains. However, in April 2018, a substantial transformation materialized under the tenure of then-municipal commissioner Tukaram Mundhe.
This renovation combined the residential and commercial tax brackets, creating only two categories. It also shifted industrial enterprises into the commercial category. This realignment of property tax classifications has caused an exponential escalation in the property tax rates payable by industrial establishments. A meagre rate of roughly Rs 5 per square metre is now replaced by a rate of Rs 44 per square meter. Consequently, the industrial community raised appeals to the civic administration for a tariff revaluation, advocating the restoration of the erstwhile industrial classification, operative half a decade ago.
Simultaneously, the delegation broached concerns regarding the pitiable state of the roads traversing both industrial estates. In response, a civic official assured that the Nashik Municipal Corporation (NMC) had embarked on drafting a meticulously detailed project report (DPR) to facilitate the refurbishment of thoroughfares within the industrial precincts. Simultaneously, provisions have been factored into the current or impending budgets of the civic body to facilitate the initiation of road repair initiatives. Evidently, the resurfacing of roads has already been initiated in the Ambad MIDC precinct.
Furthermore, the industrialists impressed upon the municipal commissioner the exigency of constructing a well-planned drainage infrastructure. In concurrence, Karanjkar pledged to enmesh this drainage initiative within the broader strategic blueprint for the forthcoming Kumbh Mela event, thus bolstering the infrastructure requisites for the event. The distinguished delegation was composed of Nikhil Panchal, the illustrious President of the Ambad Industries & Manufacturers' Association (AIMA), adding a resounding corporate voice to this multifaceted dialogue focused on enhancing Nashik's industrial landscape.

Next (In Chennai, 80 percent of buildings with deviations await property tax reassessment)

Nashik Municipality is set to reinstate the industrial property tax slab next year

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