03 Jul 2025

Trichy City Corporation is facing a INR 121 crore revenue deficit this fiscal year, largely due to vacant or incomplete commercial complexes at Singarathope, Devadhanam, and Palakkarai. These facilities were meant to generate rental income and reduce reliance on taxes but have failed to attract tenants. The Singarathope complex has been empty for over a year, while Palakkarai remains unfinished. Officials admit to lacking a structured leasing or marketing strategy. With these assets idle, the city struggles to fund civic services. Experts warn that in mid-sized cities, public infrastructure must compete with private players, making proactive planning and tenant engagement crucial.Read more

03 Jul 2025

Lucknow Municipal Corporation (LMC) reported that more than 3 lakh homeowners cleared their house tax dues during the April-June quarter, boosting collections to INR 202.4 crore. A 10% rebate on online payments spurred this trend, though around 4.33 lakh properties remain unregistered. The rebate period has shifted now covering both house tax and user charges paid online until the end of this month. With persistently high defaulter numbers, LMC is tightening recovery efforts employing interest penalties and potential account actions. These efforts build on recent reforms like GIS surveys and weekend tax collection aimed at improving compliance.Read more

03 Jul 2025

Mumbai recorded 11,521 property registrations in June 2025, a 1% dip from previous year, yet revenue from these registrations rose to 2% by INR 1,031 crore. For the first half of 2025, total property sales reached 75,982 units, a 5% increase, with revenue surging 15% to INR 6,727 crore, marking the strongest half-yearly performance since 2013. June saw a buyer shift towards properties above INR 5 crore, increasing to 6% of registrations. Apartments up to 1,000 sq ft continued to dominate, representing 84% of transactions. Western and Central Suburbs accounted for 88% of registrations, while South Mumbai's share decreased to 6%.Read more

03 Jul 2025

Ghaziabad Municipal Corporation (GMC) has repealed a controversial property tax hike introduced on April 1, 2025, after facing public backlash and legal scrutiny. The increase had tripled or quadrupled tax rates, sparking opposition from resident and trader groups. Mayor Sunita Dayal convened a special board meeting where the hike was formally canceled. However, the decision awaits approval from the state government and the Allahabad High Court, where a related case is ongoing. The court had earlier received a petition citing rule violations and unfair uniform tax slabs. GMC has paused issuing revised notices and plans property inspections to resolve tax anomalies.Read more

02 Jul 2025

Jaipur Municipal Corporation-Greater recently introduced multiple convenient channels for residents to pay urban development (UD) tax, including UPI via QR codes on bills, rotating in-person camps, and a door-to-door collection service. The initiative aims to boost collections and ease taxpayer convenience. Alongside resolving any objections promptly, the civic body plans to repeat outreach efforts next month. Supported by leadership and local representatives, this effort reflects the city's drive toward streamlined municipal revenue processes.Read more

02 Jul 2025

Globe Civil Projects Ltd, a civil construction and infrastructure development firm, witnessed a strong stock market debut this week, closing over 33% higher than its IPO issue price of INR 71. The company's INR 119 crore public issue received a solid response from investors, with an overall subscription of 86 times on the final day of bidding. The stock listed at INR 91.10 on the BSE and INR 90 on the NSE, before ending the session at INR 94.72 and INR 94.46 respectively. The proceeds from the IPO are intended to fund working capital needs, machinery purchases, and general corporate purposes.Read more

02 Jul 2025

Pune and Patna municipal bodies have taken contrasting paths in property tax collection this fiscal. Pune extended its discounted payment deadline to July 7 due to bill distribution delays, collecting INR 1,244.5 crore by June 30-about INR 100 crore less than the same period last year. Activists are pushing for further extensions, citing tech glitches and unresolved rate issues in newly merged areas. Meanwhile, Patna collected INR 40 crore in Q1 FY26-28% of its annual target-offering a 5% rebate until June 30 and adding tech-driven solutions like QR-coded notices, chatbot payments, and extended hours. These varied strategies reflect the challenges in maximizing tax revenues to fund urban services.Read more

02 Jul 2025

Navi Mumbai Municipal Corporation (NMMC) has reported a record property tax collection of INR 366.80 crore in Q1 FY26, driven by citizen-focused initiatives and smart planning. Over 1 lakh taxpayers contributed, with 66% of the total collected online. The highest single-day intake, INR 90.84 crore, came on the quarter's last day. Nerul ward led contributions with INR 74.13 crore. Residential and industrial properties each made up 33% of collections. Incentives like a 10% rebate and tech tools such as a WhatsApp chatbot and mobile apps helped boost compliance. A 2% monthly penalty on late payments starts July. Commissioner Dr. Kailash Shinde praised public cooperation in achieving the milestone.Read more

02 Jul 2025

Indian banks are set to report subdued earnings for the first quarter of FY26, impacted by weak loan growth, falling net interest margins (NIMs), and seasonally low fee income. According to IIFL Capital, profits after tax are expected to decline 2% year-on-year and 4% quarter-on-quarter. Loan growth dipped to 9.6% year-on-year, with MSME lending being the only bright spot. Margins are expected to compress further in Q2, before stabilising by Q3. Despite improved liquidity, sluggish business momentum and rising slippages are putting pressure on overall banking performance.Read more

02 Jul 2025

Ranchi Municipal Corporation has celebrated a decade of implementing Pradhan Mantri Awas Yojana-Urban, achieving an impressive 88% completion rate by delivering 11,052 homes out of a target of 12,587. The civic body recently handed over keys and saplings to new homeowners in five wards, embodying a message of sustainable beginnings. With PMAY-Urban 2.0 extended to 2029 offering up to INR 2.5 lakh per eligible beneficiary, Ranchi is strengthening its commitment to "Housing for All". This milestone underscores both past success and future ambition in addressing urban housing needs.Read more