Property tax waiver for homes less than 500 sq ft
Real Estate

Property tax waiver for homes less than 500 sq ft

Chief minister Uddhav Thackeray declared a complete property tax waiver for all houses measuring less than 500 sq ft in Mumbai.

BMC chief Iqbal Chahal told the media that the property tax waiver is complete and would be applicable from January. Recently, the BMC mopped up Rs 11,000 crore in premiums from the construction industry after the government declared a 50% waiver in premiums on account of the Covid-19.

Chahal said that till December 31, the BMC had additionally collected Rs 3,450 crore in property tax when its aim was just Rs 800 crore. For 2021-22, the property tax aim is Rs 5,000 crore, and they shall effortlessly cover it, he said, adding the waiver would cost the BMC about Rs 463 crore.

Thackeray had held a meeting of Shiv Sena leaders from Mumbai, comprising urban development minister Eknath Shinde, his son and guardian minister for Mumbai suburbs Aaditya Thackeray, mayor Kishori Pednekar and Congress leader and island city guardian minister Aslam Shaikh.

The chief minister said that the party had given a similar waiver in 2017, but this time it is a complete waiver and would come into effect immediately.

Image Source

Also read: Tax Adalat to address property tax issues from 22 November

Chief minister Uddhav Thackeray declared a complete property tax waiver for all houses measuring less than 500 sq ft in Mumbai. BMC chief Iqbal Chahal told the media that the property tax waiver is complete and would be applicable from January. Recently, the BMC mopped up Rs 11,000 crore in premiums from the construction industry after the government declared a 50% waiver in premiums on account of the Covid-19. Chahal said that till December 31, the BMC had additionally collected Rs 3,450 crore in property tax when its aim was just Rs 800 crore. For 2021-22, the property tax aim is Rs 5,000 crore, and they shall effortlessly cover it, he said, adding the waiver would cost the BMC about Rs 463 crore. Thackeray had held a meeting of Shiv Sena leaders from Mumbai, comprising urban development minister Eknath Shinde, his son and guardian minister for Mumbai suburbs Aaditya Thackeray, mayor Kishori Pednekar and Congress leader and island city guardian minister Aslam Shaikh. The chief minister said that the party had given a similar waiver in 2017, but this time it is a complete waiver and would come into effect immediately. Image Source Also read: Tax Adalat to address property tax issues from 22 November

Related Stories

Gold Stories

Next Story
Resources

Schindler named among Forbes’ World’s Best Employers 2026

Schindler has been named among Forbes’ World’s Best Employers 2026, a global ranking recognising companies for their workplace environments.Compiled by Forbes in partnership with Statista, the ranking is based on independent employee feedback, including whether employees would recommend their organisation to friends and family.The company said the recognition reflected its focus on creating a workplace where employees can develop their expertise and build careers. ..

Next Story
Infrastructure Urban

India needs an export-execution mindset: Vishesh Jain

Interview with Vishesh Jain, Founder & CEO, EximpleWhat gaps in India’s global trade ecosystem led you to build Eximple, and what problem did you see businesses struggling with most?Eximple came out of a problem that all three founders had seen from different choke points in the trade ecosystem. India has millions of MSMEs and manufacturers, and many of them can make products that are genuinely competitive on quality. Yet only a small fraction is able to build meaningful international businesses. In our experience, the gap is usually not manufacturing capability; it is the ability to exe..

Next Story
Building Material

Nuvoco reports 13.5% revenue growth in Q2 FY27

Nuvoco Vistas Corp. Ltd. reported consolidated revenue of Rs 27.9 billion for Q2 FY27, up 13.5% year on year. Cement sales volume rose 9% to 4.7 million tonnes (MMT), while EBITDA increased 11% to Rs 4.11 billion.The company said it began its cement operations in 2014 with a 2.3 MMT per annum (MMTPA) operation at Nimbol. It now aims to reach 35 MMTPA of cement capacity by FY28, nearly 15 times its initial capacity. Its portfolio spans cement, ready-mix concrete and modern building materials.On sustainability and cost efficiency, Nuvoco partnered with CleanMax for a 46.4 MW wind-solar hybrid re..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code