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Mumbai Real Estate Relief: No More Property Tax On Houses Up To 500 Sqft, As Cabinet Approves Amendment
A view of the Mumbai skyline (Kunal Patil/Hindustan Times via Getty Images)
The Maharashtra government on 8 March waived property taxes on residential houses measuring up to 500 sq ft. This is applicable from 1 January 2019, reports Indian Express.
The Brihan Mumbai Corporation (BMC) had cleared a proposal to waive property tax on residential houses up to 500 sq ft and also provide a 60 per cent waiver in property tax for homes between 501 and 700 sq ft, IE quoted officials from the Urban development department as saying.
"An amendment in the Mumbai Municipal Corporation Act-1888 was required to waive property tax for houses up to 500 sq ft in Mumbai. The state Cabinet on Friday approved the amendment to the law. A Bill will be tabled in the upcoming Assembly session,” an official was quoted in the report as saying.
Around 14.98 lakh properties will reportedly benefit from the waiver. BMC receives revenue of around Rs 350 crore from these properties.
The Cabinet has also approved incentives for the self-redevelopment of registered cooperative housing societies on government, semi-government and private land.
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