The Navi Mumbai Municipal Corporation (NMMC) Commissioner Abhijit Bangar presented a Rs 4910 crores estimated budget for the financial year 2022-23 with a surplus of Rs 1.8 crores after spending Rs 4908.20 crores. According to the Navi Mumbai civic body chief the focus was totally on inclusive budget for the socio-economic development of the weaker sections.
The budget presented is shows an optimistic picture for the overall development of real estate sector in Navi Mumbai. Various important infrastructural projects were announced during the budget presentation.
NMMC Chief Abhijit Bangar said, "First time, the civic body has made an independent Eco-budget for making the city eco-friendly. In addition, the civic body will also prepare an SOP for the redevelopment of the dilapidated building which will fasten the process. The extension of road, construction of flyover and also many other infrastructure development will definitely boost the real estate sector and now developers are also coming ahead with various projects in the city."
This financial year the Navi Mumbai civic body has not proposed any kinds of taxes. Through property tax the NMMC has estimated to collect Rs 804.47 crores during the financial year. Property tax is considered to be the major source of revenue for NMMC.
