New Delhi (07.05.2023): The Municipal Corporation of Delhi (MCD) has witnessed a massive hike in property tax deposits with a collection of Rs 1,113 crore in the first quarter of the 2023-24 fiscal — a jump of more than 400 crore (Approximately 40 per cent) over the corresponding period in last year.

The spike comes after the civic body in April implemented recommendations of the fifth Municipal Valuation Committee. While this did not change the entire tax schedule, it led to a higher mop-up from some categories of property owners. The tax collected during April-June in fiscal 2021-22 was Rs 695 crore and Rs 540 crore in 2020-21. 

Property tax collection remains one of the biggest sources of revenue for the civic body. The hike is achieved despite the MCD facing several odds and is considered to be a big leap in terms of revenue from property tax. A section of who’s who believe that risk appetite, imagination and innovation worked in tandem with the existing taxation framework.