nashik the ongoing slowdown in the real estate sector has left the cashstrapped civic body poorer by 3450 through various taxes from the town planning department during the 201415 financial year the town planning department of the nashik municipal corporation nmc earns revenue through building permission fees layouts fees betterment charges and development charges and fees through unauthorised constructions such as closure of balcony and plinth settlement in 201415 the revenue of the municipal corporation through the town planning department was rs 3120 crore down from rs 4764 crore in the year 201314 fiscal the recession in the real estate sector has badly affected our revenue through various taxes like building permission fees and development charges during the last fiscal there has been a 3450 decline in the revenue through various taxes under the town planning department sanjay ghuge the executive engineer of the town planning department told toi sources in the real estate industry and the municipal corporation said the industry across the country has been passing through a slowdown for the past threefour years the revenue of the nmc through town planning which was recorded at rs 6925 crore in the 201112 fiscal has reduced to rs 3120 crore in 201415 because of the recession moreover the development plan of the city which is being revised by the town planning department of the state government has also got delayed as a result the builders and developers have stopped submitting the new projects this is also one of the major factors leading to the decline in the revenue of the municipal corporation an officebearer in the confederation of real estate developers association credai nashik said sale of flats and other properties has been affected by the recession the real estate sector is still facing a slowdown but there has been signs of improvement from april this is because of the reduction in interest rates on loans from the banks the number of flats that are ready but vacant which was close to 10000 in 2012 has reduced to 3000 flats currently