Maharashtra Government today announced 100% relief on property tax for flats for end-users and prospective buyers. Through this decision, about 16,14,000 citizens will be able to get 100% tax relief. The amount of exemption is estimated to be around Rs.462 crore per annum.
The Brihanmumbai Municipal Corporation (BMC) presented a budget of Rs.45,949.21 crore for the year 2022-23. The presented budget amount has been increased from the last year of Rs.39,038.83 crore. On January 1, the chief minister of Maharashtra announced to waive off the property tax for the residential units of up to 500 sq. ft. located within the Mumbai municipal region limits.
The BMC in its budget session stated that they will take care of providing health services as well as upgrade the existing infrastructural facilities for the healthy and happy livelihood of the citizens of Mumbai. The budget also focused upon security systems such as Boom Barrier, Hand Metal Detectors to be installed at important places.
This year’s budget is important for citizens of Mumbai because BMC has tried to bridge the gap between capital expenditure and revenue expenditure. It will spend 49% of the budget on capital expenditure and the remaining 51% on revenue expenditure. The BMC has also proposed the provision of Rs.50 crore for the safe school project and 75 crores for the development of the Waste to Energy project at Deonar.
Keeping in mind the importance of public transportation, BMC has proposed Rs.800 crore for assisting undertaking to help them to improve their functioning along with 100% relief on property tax. The budget has been a booster to buoy the market sentiment for homebuyers and the citizens of Mumbai to improve the state’s economy and build infrastructure in the coming years. The BMC budget 2022-23 was presented by Mumbai Municipal Commissioner Iqbal Singh Chahal.
