Mumbai: BMC To Auction Undisputed Seized Properties Of Property Tax Defaulters

Mumbai: BMC To Auction Undisputed Seized Properties Of Property Tax Defaulters

Out of 500 undisputed properties identified in 25 administrative wards, 50% of them were attached.

SHEFALI PARAB-PANDITUpdated: Sunday, June 16, 2024, 01:36 AM IST
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Representative Image | FPJ

For the first time since 2012, the BMC is set to auction undisputed seized properties of big property tax defaulters. The process of verifying ownership and valuation of 66 such properties is expected to be completed in two weeks. The BMC has attached 3,945 properties worth over Rs2,237 crore since 2010.

The delay in sending property tax bills for the financial year 2023-24 badly affected the revenue collection of the civic society. So, to achieve the target, the civic officials tracked big property tax defaulters and convinced them to pay their arrears to avoid further action.

Out of 500 undisputed properties identified in 25 administrative wards, 50% of them were attached. Following the directives of municipal commissioner Bhushan Gagrani, the auctioning of seized assets will be carried out soon, said a civic official.

“As per a rough estimate, the market value of 66 seized properties is around Rs355 crore. Before auctioning these properties, we would have to verify its ownership, current market value and if it is under any litigation. The process is expected to be completed in 15 days, after which an auction will be arranged,” said a senior civic official.

The BMC had appointed three professional agencies, one for the valuation of the properties and one for searching for other investments of the defaulters. The third agency will have to search for immovable properties registered in the names of the defaulters, collecting documentary evidence of ownership of those properties and the interests and directorships of the defaulters.

After cracking the whip against big defaulters, the civic body earned Rs4,856.38 crore property tax by May 25, against the target of Rs4,500 crore. The BMC will inspect all properties in the 25 wards and revise property tax according to changes in the properties to increase the amount collected as property tax. Property tax is considered the second-highest source of income for the BMC.

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