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Updated on: Tuesday, January 11, 2022, 10:38 PM IST

Maharashtra Cabinet to clear waiver in property tax for residential units up to 500 sq ft in BMC area

BMC  | Photo: Representative Image

BMC | Photo: Representative Image

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The Maharashtra Cabinet on Wednesday will take up the urban development department’s proposal to provide complete waiver in property tax on residential units up to 500 sq ft (46.45 sq mt) in the jurisdiction of the BrihanMumbai Municipal Corporation (BMC). The Chief Minister Uddhav Thackeray on January 1 after announcing the government’s move had directed the urban development department for its implementation from January and not from April this year.

A senior Maha Vikas Aghadi Minister told the Free Press Journal, ‘’ The chorus is getting louder for the waiver in property tax from January ahead of the BMC elections. The state cabinet will clear for its implementation from January and also give approval for the issuance of an ordinance proposing an amendment to the Mumbai Municipal Corporation Act 1888.’’

The government decision will benefit nearly 16 lakh residential homes which house lakhs of families in the city. BMC is expected to lose a revenue of Rs 462 crore per year.

However, BJP has demanded that the waiver should be made effective from 2017 when Shiv Sena had announced its BMC poll manifesto

BMC in 2021-21 had estimated property tax collection of Rs 6,768 crore but could mobilize Rs 4,468 crore due to the covid pandemic and lockdown. In 2021-22, the BMC has projected the property tax collection of Rs 7,000 crore.

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Published on: Tuesday, January 11, 2022, 11:59 PM IST
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