Dedicated locality research platform
Dedicated locality research platform
Enter your email address and you will receive
a link to reset your password
Pune's property market is witnessing a rise, with a significant increase in the number of registered properties. The Pune Municipal Corporation (PMC) added 53,000 new properties to its tax records in the 2023-24 financial year. This expansion of the tax base is expected to generate an additional INR 170 crore in revenue for the civic body.
This rise in registered properties is partly due to the recent expansion of Pune's city limits. Since 2017, the PMC has incorporated 34 new areas, adding an estimated 4.5 lakh properties to its jurisdiction. In 2017, Pune had around 8 lakh properties under the PMC's purview. The addition of these areas, particularly the 23 merged in 2021, significantly increased the number of properties requiring registration ? jumping from 8 lakh to an estimated 12.5 lakh properties.
The PMC is actively working to ensure all properties within its jurisdiction are registered and contribute to the tax base. Ward-wise teams have been formed to identify and register any remaining unregistered properties. Madhav Jagtap, head of PMC's property tax department, emphasized the importance of property registration and encouraged owners to come forward.
The property tax drive has been successful, but an interesting trend emerged. In the 2023-24 fiscal year, Pune's building permissions department surprisingly generated more revenue than the property tax department. The building permissions department collected a staggering INR 2,400 crore, exceeding the property tax revenue of INR 2,275 crore.
This anomaly can be attributed to the collaboration between the two departments. The PMC conducted special drives to identify and register new constructions. They strategically partnered with the building permissions department to ensure that new constructions received completion certificates only after property tax registration was complete. This collaboration not only ensured property tax registration but also led to a surge in building permission revenue.
The expansion of Pune's property market presents both opportunities and challenges. The increased revenue will allow the PMC to invest in vital infrastructure and services for the city's growing population. However, ensuring a fair and efficient property tax system will be crucial. The PMC's ongoing efforts to identify unregistered properties and streamline the registration process are positive steps. As Pune continues to grow with an estimated 12.5 lakh properties, a sustainable and inclusive property tax system will be vital for the city's long-term development.
Propscience is India’s dedicated property news portal. We cover the latest events, news, trends, deals, new launches and more.
All our services and tools are completely free of cost and available 24X7!
