No Property Tax for Flats as much as 500 sq ft in Mumbai; Know Particulars

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The Brihanmumbai Municipal Company (BMC), the richest civic physique within the nation, introduced a finances of Rs 45,949.21 crore for the 12 months 2022-23, forward of the civic elections. The civic physique introduced 100 per cent aid from fee of property tax for the flats measuring as much as 500 sq. toes of carpet space. “About 16,14,000 residents will get 100 per cent property tax aid. The quantity of exemption to residents is to the tune of Rs 462 crore every year,” Mumbai municipal commissioner Iqbal Singh Chahal mentioned in his finances speech.

Based on Niranjan Hiranandani, vice chairperson, (Nationwide) NAREDCO and MD, Hiranandani Group, “The MCGM Commissioner In his finances presentation has formalised what was introduced by the chief minister. the transfer augurs properly for reasonably priced housing and is a constructive for consumers of properties sized 500 sq ft or much less in Mumbai. It should present a fillip to development of latest properties on this section. I look ahead to a situation the place this may be prolonged to different cities within the state, as additionally positively think about the suggestion being made by shopper boards, about extending this to properties sized 750 sq ft.”

On January 1, chief minister Udday Thackeray had introduced a choice to waive the property tax for the residential items of as much as 500 sq. toes, positioned inside the Mumbai municipal space limits.

Consultants counsel that the Maharashtra authorities’s announcement on the property tax waiver within the reasonably priced housing section infuses a contemporary lease of life for finish customers and potential homebuyers and a booster to buoy the market sentiment, the possible income loss needs to be offset by incremental gross sales volumes within the reasonably priced section

Pritam Chivukula, co-founder & director, Tridhaatu Realty and treasurer, CREDAI MCHI, mentioned: “The choice is prone to profit the possible homebuyers together with the builders which can be centered into reasonably priced housing. The upto 500 sqft class of properties have seen a bigger demand from the primary time consumers and the millennials in the previous few months and this transfer will additional assist to maintain the demand. It is not going to solely enhance the reasonably priced housing section however can even assist to maintain up the expansion momentum going ahead.”

Bhushan Nemlekar – director, Sumit Woods Restricted, mentioned: “The transfer by the authorities is a welcome and a constructive transfer for reasonably priced housing. It should show to be beneficial for redevelopment and Slum Rehabilitation Authority initiatives offering properties which can be 500 sq ft or much less in measurement. It should additionally improve the acceptance of smaller measurement properties equivalent to 1BHKs and studio residences giving a a lot wanted fillip to the reasonably priced housing section.”

Mumbai municipal commissioner Iqbal Singh Chahal introduced the finances earlier than the civic standing committee assembly held on the BMC headquarters. Earlier than presenting the final finances on the standing committee, the BMC additionally tabled its schooling finances of Rs 3,370.24 crore. This 12 months’s schooling finances estimates are 14.45 per cent greater than the final fiscal when the finances was Rs 2945.78 crore.

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