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Maharashtra nod to not revise capital value of buildings, land in Mumbai, Real Estate News, ET RealEstate

Maharashtra nod to not revise capital value of buildings, land in Mumbai, Real Estate News, ET RealEstate
MUMBAI: With the elections to the Brihanmumbai Municipal Corporation scheduled to be held early next year, the state cabinet on Wednesday approved a proposal not to revise capital value of building or land in Mumbai for 2021-22 in view of the pandemic.

Under the Mumbai Municipal Corporation Act, 1888, the capital value, based on which property tax is paid, is to be revised every five years.

In a press release, the government said it has decided to provide relaxation in the wake of economic difficulty of citizens. Owing to lockdown, small establishments, schools, factories, industries, associations, daily earnings were adversely affected.

The Brihanmumbai Municipal Corporation had got numerous representations from elected representatives, citizens groups, seeking relaxation/waiver of property tax. BMC will lose about Rs 1,042 crore in revenue. The MMC Act will be amended for the purpose.


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