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Capital value of properties in Mumbai to remain ambiguous

The cabinet recently approved a proposal to halt periodic revisions to the capital value of properties in Mumbai City. The proposal sought an amendment to Section 154 (1d) of the BMC Act that allows the capital value of properties to be revised once every five years. Now, changes to the capital value can be made at any time by giving reasons for doing so in writing.

The Brihanmumbai Municipal Corporation (BMC) is likely to lose revenue up to Rs 1,117 crore rupees this financial year owing to changes and amendments in the collection process laid down. In February this year, the BMC commissioner approved a 100% tax waiver for tenements under 500sqft benefiting over 16 lac citizens across the region but costing them over 400 crore rupees.

The BMC is presently being headed by municipal commissioner Iqbal Singh Chahal. He was appointed as administrator for a period of six months beginning in March 2022 as the state had decided to defer elections until clarity was sought regarding the OBC quota. The present government attempted to reverse a decision made by the MVA government which has reduced the number of electoral wards down from 237 to 226 but they are being challenged by the Supreme Court.

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