If all goes according to plan, Navi Mumbai flat owners who live in apartments of up to 50 sq ft will be offered a property tax waiver.
Navi Mumbai is a satellite town of Mumbai, India’s financial capital, where a similar sop is already being offered to residents.
Maharashtra Chief Minister Eknath Shinde on June 1 directed officials to prepare a proposal for waiving property tax for flat owners residing in areas of up to 500 sq ft.
The Navi Mumbai Municipal Corporation (NMMC) passed a resolution to that effect in 2019 and sent the proposal to the state government. The state government is expected to take a final call in the next few months - ahead of polls next year.
In January 2022, the-then Maharashtra Chief Minister Uddhav Thackeray made a similar announcement for waiving property tax for owners of flats measuring up to 500 sq ft.
In Mumbai, owners of 1.6 million residential properties have benefited from the decision. The Brihanmumbai Municipal Corporation (BMC), the richest civic body in India, collects between Rs 4,000 crore and Rs 5,000 crore in property tax every year and the outstanding amount is usually around Rs 1,500 crore.
Also read: After Mumbai, Thane city may get property tax waiver for homes measuring up to 500 sq ft
With the 2022 waiver, the civic body in Mumbai faced a loss ranging around Rs 300 to Rs 500 crore.
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