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Mumbai, BMC Revenue will be affected by Rs 1,117 crore this fiscal after the cabinet approved a proposal by the municipal administration not to revise the capital value of properties in the city. The last revision in the capital value of properties in the city was done in 2015.
The cabinet approved amendment to section 154(1D) of the BMC Act. Section 154(1D) allows revision of the current value of the property once in every five years.
It will now be amended to allow change in the capital value at any time for reasons to be recorded in writing.
This time the Act is being amended on the grounds that “due to the covid pandemic, citizens have suffered huge losses and it has been decided not to revise the rates due to the demand for exemption in capital value rates”.
In February, in the BMC budget for 2022-23, the commissioner approved 100% property tax exemption for houses less than 500 sqft, benefitting over 16 lakh citizens. Due to this decision, BMC has incurred a loss of Rs 462 crore in this financial year.
The BMC is currently being run by an administrator. Municipal commissioner Iqbal Singh Chahal was appointed administrator for six months in March after the term of the BMC house expired and the state decided to postpone the elections pending clarity on the OBC quota.
In June there was a change of government and the Eknath Shinde-Devendra Fadnavis government decided to reverse an earlier decision of the MVA government, reducing the number of electoral wards in the BMC from 236 to 227. This decision has been challenged in the Supreme Court. Court.
A bureaucrat said that the proposal not to revise the capital value was presented by the BMC and the government only approved it. The leniency comes even when the date for the municipal elections is unclear. Last month, Fadnavis had said that only God and the court knew when the municipal elections would be held.
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