The Indore Municipal Corporation (IMC) is aggressively tackling property tax defaulters by auctioning off a sizable plot of land to recover overdue dues, aiming to fill an INR 100 crore revenue gap before the fiscal year's end. The 18,000 square meter plot, owned by Sahara City Homes, owes INR 22.94 crore in unpaid taxes. IMC's auction, with a minimum bid of INR 31.80 crore, has garnered interest from multiple parties, potentially aiding revenue targets. IMC is also contacting other defaulters and reviewing records for additional dues, showcasing a commitment to fiscal responsibility and essential service investment for Indore residents.
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Indore Municipal Corporation (IMC) is taking a strong stance against property tax defaulters by auctioning a large plot of land to recover unpaid dues. This move aims to bridge an INR 100 crore gap in the city's revenue collection target for the current fiscal year, which ends in just a few days.
The land in question is a sizable 18,000 square meters located in a private colony on the Indore Bypass. It belonged to Sahara City Homes, a developer who defaulted on property and other civic taxes totaling INR 22.94 crore.
IMC has seized the land and put it up for auction. The bidding process is underway, with around half a dozen people and businesses expressing interest. The minimum bid price is set at INR 31.80 crore, though experts believe the market value could be significantly higher. Bidders must submit a demand draft of INR 1.59 crore to participate in the auction.
The successful sale of this land will significantly contribute to IMC's revenue collection efforts. Currently, the corporation falls short of its target by INR 100 crore for the current fiscal year, with only a few days remaining. Selling this land at a good price could help bridge that gap and bring IMC closer to its target of around INR 760 crore.
IMC is also actively pursuing other avenues to address tax delinquency. Officials are contacting major defaulters, both public and private entities, urging them to settle their outstanding dues before the end of the fiscal year on March 31st. Additionally, the Indore district administration is reviewing records to identify any potential land diversion dues related to the Sahara City Homes colony. If any such dues are found, they will be claimed from the auction proceeds after settling IMC's dues of INR 22.94 crore.
IMC's efforts to recover unpaid taxes demonstrate their commitment to financial responsibility. The successful auction of the seized land and collection of outstanding dues from other defaulters will improve the city's financial health by potentially bringing in close to INR 100 crore in additional revenue. This will allow for continued investment in essential services for Indore residents.
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