No property tax for flats measuring up to 500 sq ft. in Mumbai

No property tax for flats measuring up to 500 sq ft. in Mumbai

Real-Estate Industry | Feb 5, 2022 | 10 min read

The Brihanmumbai Municipal Corporation (BMC), the most extravagant community body in the country, on 3 February 2022, Thursday introduced a spending plan of ₹ 45,949.21 crore for the year 2022-23, in front of the urban races. The financial plan gauges are 17.70 percent more than the last monetary when the BMC had introduced a ₹ 39,038.83 crore spending plan.

Mumbai city chief Iqbal Singh Chahal introduced the financial plan before the city standing board meeting held at the BMC central command. In the spending plan, the metro body reported 100% alleviation from the installment of property tax for the pads comparing 500 square feet of rug region.

Around 16,14,000 residents will get 100% local charge alleviation. How much the exception to residents is to the tune of ₹ 462 crore for each annum. On January 1, Chief Minister Uddhav Thackeray had declared a choice to forgo the local charge for the private units of up to 500 square feet, situated inside the Mumbai city region limits.

Prior to introducing the overall spending plan at the standing board, the BMC additionally postponed its schooling financial plan of ₹ 3,370.24 crore. The current year’s schooling spending plan gauges are 14.45 percent more than the last financial year when the financial plan was ₹ 2945.78 crore.

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