GHMC Sets New Record: Property Tax Collection Hits Rs 1,917 Crore in FY24

The Greater Hyderabad Municipal Corporation (GHMC) has achieved a remarkable milestone in property tax collection for the financial year 2023-24, amassing an unprecedented Rs 1,917 crore. This achievement not only surpasses the previous year's collection but also exceeds the revised budgetary estimates by a significant margin, signaling robust financial health and efficient revenue management within the corporation.

Strategic Initiatives Propel Success

Key to this record-breaking collection are the strategic initiatives implemented by the GHMC. The introduction of a One-Time Settlement (OTS) scheme played a pivotal role in incentivizing taxpayers to clear their dues. Under this scheme, taxpayers were offered a 90% waiver on accumulated interest charges, provided they settled the principal amount and a nominal 10% of the remaining interest by the end of the 2022-23 fiscal year.

OTS Scheme: A Revenue Booster

The OTS scheme proved highly effective, generating an additional revenue of Rs 319 crore. This substantial contribution underscores the scheme's success in encouraging property owners to resolve their outstanding dues, thereby bolstering the corporation's revenue stream.

Stellar Final Day Collection

Further highlighting the GHMC's commitment to maximizing revenue, the corporation achieved a remarkable feat by collecting Rs 123 crore on the final day of the financial year, March 31st. This exceptional performance is particularly noteworthy considering the potential disruptions posed by concurrent election duties during this period.

Collaboration and Efficiency

Efforts to resolve long-standing property tax issues with both government and private entities contributed significantly to the streamlined collection process and enhanced overall efficiency. Collaboration with prominent government departments, including HMWS&SB, HMDA, BSNL, IDPL, and South Central Railway, further boosted revenue collection, with several departments taking advantage of the OTS scheme.

 A Model of Success

GHMC's achievement serves as a shining example of effective revenue generation strategies and focused efforts in municipal governance. The success story of GHMC's property tax collection can serve as a blueprint for other municipalities aspiring to optimize their revenue management practices and achieve financial sustainability.

GHMC's record-breaking property tax collection not only underscores its financial prowess but also reaffirms its commitment to efficient governance and fiscal responsibility, ultimately benefiting the citizens of Hyderabad.