+
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
Real Estate

Kamdhenu Realities acquires 4-acre Navi Mumbai land parcel

Kamdhenu Realities has acquired a 4-acre land parcel from RPG Life Sciences on Thane-Belapur Road for approximately Rs 1.5 billion, expanding its commercial real estate portfolio in Navi Mumbai.The parcel has a total developable potential of 1.8 million sq ft, on which Kamdhenu plans to develop a destination-scale commercial and lifestyle ecosystem. The proposed development will combine corporate office suites with high-street retail, F&B outlets, double-height lobbies, business infrastructure and lifestyle amenities.Located close to IKEA and opposite the upcoming Pawane Railway Station, t..

Next Story
Infrastructure Transport

97 Per Cent Of Rongjeng-Mangsang-Adokgre Road Nears Completion

Deputy Chief Minister in-charge of public works Prestone Tynsong said in Shillong on 26 August that 97 per cent physical progress had been achieved on the ongoing Rongjeng-Mangsang-Adokgre road being constructed under the Non-Lapsable Central Pool of Resources (NLCPR). He noted the project was sanctioned in 2017 and that the stipulated time for completion had been 24 months from issue of the final work order. The deputy chief minister informed the assembly that the government had decided to include the remaining work under a World Bank project. In reply to a query from Rongjeng MLA Jim M Sangm..

Next Story
Infrastructure Transport

First TBM Starts Digging Five Point Three Kilometre Tunnel Under SGNP

The Goregaon-Mulund Link Road (GMLR) Phase three (B) project has reached a key milestone as the first tunnel boring machine (TBM) began excavation of the first of two tunnels beneath the Sanjay Gandhi National Park (SGNP). The machine, named Tulsi, started cutting a five point three kilometre bore that will link Dadasaheb Phalke Chitranagari in Goregaon East with Amar Nagar in Mulund West. Officials issued a statement noting the commencement of tunnelling work under the protected green belt. The twin tunnels are being constructed using mechanised tunnelling methods that aim to limit surface di..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code