Pune Municipal Corporation Surpasses Revenue Expectations, Collects Rs. 628 Crore Surplus for FY 2023-2024

Pune Municipal Corporation Surpasses Revenue Expectations, Collects Rs. 628 Crore Surplus for FY 2023-2024

Pune Municipal Corporation Surpasses Revenue Expectations, Collects Rs. 628 Crore Surplus for FY 2023-2024

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The Pune Municipal Corporation (PMC) has exceeded revenue projections for the fiscal year 2023-2024, accumulating a surplus of Rs. 628 crore. With a total revenue of Rs. 2,428 crore, the PMC has shown a substantial increase from the previous fiscal year’s earnings of Rs. 1,800 crore.

PMC’s revenue streams encompass various sources, including property tax, building permission cess, water tax, and GST from both central and state governments. Notably, the bulk of its revenue is derived from building permissions and property tax, totaling around Rs. 4,500 crore.

In a breakdown of revenue sources, the PMC received Rs. 200 crore from Local Body Tax (LBT), Rs. 155 crore from water tax, and Rs. 115 crore from other channels. Under the stewardship of an Indian Administrative Officer (IAS), who oversees the civic body in the absence of elected representatives, the PMC has amassed a total income of Rs. 7,463 crore for the current financial year.

Property tax emerges as a significant contributor to PMC’s revenue, with a record collection of Rs. 1,845.91 crore until March 31, 2022, compared to Rs. 1,664.15 crore in the previous fiscal year. The adoption of online payment methods witnessed a surge, with 5.81 lakh property owners opting for digital transactions, totaling Rs. 935.21 crore. Additionally, 1.11 lakh property owners paid taxes via cheque, amounting to Rs. 670.14 crore, while 1.46 lakh property owners paid in cash, contributing Rs. 179.89 crore.

The resurgence in the real estate sector, buoyed by the Maharashtra government’s rebate scheme in property registration, played a pivotal role in PMC’s revenue boost. Prashant Waghmare, head of PMC’s building permissions department, attributed the robust revenue performance to increased activity in residential and commercial properties. He highlighted the implementation of several schemes, including an enhanced auto DCR system, aimed at expediting building permissions.

Notably, PMC granted permission for 1,773 new constructions in the current fiscal year, reflecting the sustained growth momentum in the region’s real estate sector.

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