Nashik Municipal Corporation Offers City Realty Relief Measures

The ailing real estate sector has been provided with a relief by the Nashik Municipal Corporation (NMC) towards payment of development and premium additional premium Floor Space Index (FSI) charges in three instalments. The civic body has taken this initiative following drop in revenue through various taxes from the town planning department during the first four months of the current financial year due to Covid-19 outbreak. The standing committee of the NMC has also given its approval to the proposal. Accordingly, builders will have to pay 30% of the charges while submission of the building plan, 40% after completion of the plinth and remaining 30% while obtaining building completion certificates (BCC). The town planning department of the civic body earns revenue through various taxes like building permission fees, lay-out fees, hardship premiums, development charges and fees through unauthorized constructions like closure of balcony, plinth settlement, among others. Around 60% of the total revenue comes from development and additional premium FSI charges.