Updated April 3rd, 2024 at 20:22 IST

NDMC revenue in FY24 stood at Rs 3,795.30 crore, surpassed revenue target of FY24

Property tax revenues for previous years stood at Rs 931.20 crore in 2022-23, Rs 950.75 crore in 2021-22.

Reported by: Business Desk
ndmc | Image:ANI
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NDMC Revenue: The New Delhi Municipal Council (NDMC) has reported surpassing its revenue targets for the 2023-24 financial year, marking a significant milestone in its history. According to officials, the council's revenue from various sources totalled Rs 3,795.30 crore, including property tax, license fees, commercial revenue from water and electricity, and parking fees.

A notable achievement for the NDMC was the collection of over Rs 1,000 crore in property tax revenue for the first time ever. Specifically, property tax collections reached Rs 1,025.59 crore, exceeding the set target despite falling slightly short of the Rs 1,150 crore goal.

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In comparison, property tax revenues for previous years stood at Rs 931.20 crore in 2022-23, Rs 950.75 crore in 2021-22, and Rs 690.78 crore in 2020-21, showcasing a steady upward trend.

The council also performed well in other revenue streams, including electricity and water supply, where it collected Rs 1,811.71 crore against a target of Rs 1,659.95 crore. Additionally, commercial revenue reached Rs 1,503 crore, following the strong performance of Rs 1,722 crore in the previous fiscal year.

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Furthermore, the NDMC exceeded its target for license fee collection, with the estate department collecting Rs 937 crore compared to the revised target of Rs 825 crore. Similarly, revenue from parking fees amounted to Rs 21 crore, surpassing the target of Rs 20 crore.

Overall, the NDMC's exceptional revenue performance for the 2023-24 fiscal year underscores its effective financial management and ability to meet growing fiscal challenges while providing essential services to the residents of New Delhi.

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With PTI Inputs

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Published April 3rd, 2024 at 20:22 IST