BMC likely to increase property tax from next month: Report

 Mumbaikars may have to shell out more from 1 April as the new financial year begins as the Brihanmumbai Municipal Corporation is likely to increase the property tax according to a report. The last time the property tax was revised was in the year 2015 and according to the MMC Act property tax in Mumbai is revised in every five years, however the sane was delayed in 2020 due to Covid-19 pandemic.


Meanwhile, with just few days left for the current financial year to end, BMC has revealed that it was able to collect ₹4,762 crore in property tax amount since April 1 last year against the annual target of ₹5,400 crore.

BMC in February this year had revised it collection from property tax to ₹5,400 crore keeping in mind the possibility of another Covid-19 wave. Initially the target was fixed at ₹7,000 crore but later was brought down to ₹5,400 crore.

“The civic elections were supposed to take place during March this year, and keeping this in mind we had expedited the process of tax recovery from October itself. The advanced approach gave us more time to plan and work, resulted in increased collection at slower, yet consistent, manner," said Vishvas Mote, assistant municipal commissioner and in-charge of A&C department to Hindustan Times. The highest recovery of ₹2,362 crore was made from western suburbs, followed by ₹1,401 crore from the island city and ₹999 crores from the eastern suburbs.

Out of the 24 municipal wards in India’s financial capital, the highest recovery of ₹435 crore was made from K/east (Andheri East) ward, followed by ₹404 crore from H/East (Bandra east) and ₹396 crore from K/West (Andheri west, Juhu, Ville Parle).

Earlier, the civic body announced 100 per cent relief from payment of property tax for the flats measuring up to 500 square feet of carpet area. "About 16,14,000 citizens will get 100 per cent property tax relief. The amount of exemption to citizens is to the tune of ₹462 crore per annum," Mumbai municipal commissioner Iqbal Singh Chahal said in his budget speech.

Comments

Post a Comment

Popular posts from this blog

Super built up area, built up area and carpet area: Know the difference

  Let’s admit it – the terms and jargon thrown at us by agents and realtors have us staring at them cluelessly most of the time. While buying a house, terms such as carpet area, built-up area and super built-up area moslty evade our realm of understanding, or at least cause some confusion. In every residential complex, there are these three ways of calculating the area, or the square footage. They may not all sound very different, but there is in fact a big difference between carpet area and built-up area! Home buyers in India would invariably comes across terms like carpet area, built up area and super built up area as they try to gauge the size of homes. This article is meant to act as your guide to understanding these three terms and what exactly do they convey. Carpet area means Under its mission to provide Housing for All by 2022, the central government in India introduced the Pradhan Mantri Awas Yojana (PMAY) programme, under which it has also clearly defined carpet area. Und...
Read more

Realtors plan to increase unsold, under-construction apartment prices in Mumbai region

  Realty developers across Mumbai Metropolitan Region (MMR), the country’s largest and most expensive property market, are planning to increase prices of unsold inventory that is currently under construction by 10-15% to cover the surge in input costs. The move is not only expected to impact over 2,773 projects that were approved by Municipal Corporation of Greater Mumbai (MCGM) in 2021 but many more to the extent of 2,60,000 residential apartments over the next three years. Real estate developers’ apex body in the state, the CREDAI-MCHI, is planning rigorous measures to control the rising input costs that have pushed the cost of construction up by Rs 400-600 per sq ft in the affordable and mid-income housing segment. The sharp increase in input cost prices has impacted the developers nationwide negatively as the pressure continues to pile on. In the backdrop of escalating prices of key input materials including cement and steel, realty developers in Maharashtra and National Capita...
Read more