No property tax on residential homes of up to 500 square feet in Mumbai

MUMBAI: The Maharashtra government announced on Saturday that property taxes on housing units of up to 500 square feet placed inside the Mumbai municipal area boundaries will be cancelled.

According to an official announcement, Chief Minister Uddhav Thackeray made the decision during a conference of the urban development department earlier during the day.

This exemption marks the start of the municipal elections in Mumbai, which are set to take place next month. According to the press statement, the CM has instructed the administration to put the decision into action right now.

The move, according to Urban Development Minister Eknath Shinde, will benefit owners of over 16 lakh dwellings under 500 square feet inside the boundaries of the Brihanmumbai Municipal Corporation (BMC).

Shinde said that the Shiv Sena, which governs the BMC, had kept a key promise it made before of the 2017 BMC polls.

Shinde, Mumbai district guardian minister Aslam Shaikh, Mumbai suburban district guardian minister Aaditya Thackeray, Mayor KishoriPednekar, and Chief Secretary Debashish Chakrabarty convened a video conference with Thackeray on Saturday.

According to an official, the BMC is anticipated to lose Rs 468 crore in income as a result of the waiver. Because to the COVID epidemic and lockout, BMC expected to collect Rs 6,738 crore in property taxes in 2021-21 and could mobilize Rs 4,500 crore. The BMC expects to collect Rs 7,000 crore in property taxes in 2021-22.

Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. PropertyPistol does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.

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