North DMC would raise revenue of approximately Rs. 8000 crore in 2016-17

akash dwivedi,Standing Committee Chairman of North Delhi Municipal Corporation Mr. Mohan Bhardwaj today said that the total revenue of the civic body for the financial year 2016-17 would be Rs. 8000 crore rather than Rs. 6000 crore as estimated due to steps taken by the Corporation. He said that for commercial utilization of various municipal properties complexes, shopping complexes, car parking, multi-storey buildings would be developed at Model Town, Azadpur, Dhaka, Minto Road, etc. He said these properties would be leased out for additional revenue. Mr. Bhardwaj said that as per the recommendations of 3rd and 4th Finance Commissions, the Corporation is due to receive total funds of more than Rs. 1000 crore upto financial year 2016-17. He said that it is expected that Rs. 1000 crore can be raised by concluding the process of making the municipal properties freehold in this financial year. He said that reform in property tax collection is also likely to improve financial condition of the Corporation. Mr. Bhardwaj said that North DMC would set an example by becoming financial independent municipal body.