New Delhi. According to a big news, now there is a very good information for the people living in Mumbai. Yes, now you will not have to pay property tax on a 500 sq ft house in Mumbai. Yes, on January 12, the Maharashtra cabinet has given its approval to a major decision to waive property tax on houses up to 500 square feet in Mumbai.
It is worth noting that before this, the Thackeray government had announced on January 1 on the occasion of New Year that the property tax of 500 square feet houses would be waived. This was first announced during the 2017 BMC elections and the Shiv Sena had promised the people that if he won the election again, the property tax of 500 square feet houses would also be waived off.
This will be the effect of the decision
Let us tell you that with this big decision, the people living in Mumbai city will now get a big relief and the owners of the houses of the economy segment will also get more benefit in the form of annual savings. At the same time, with the waiving of property tax, there will also be a massive boom in the purchase of homes in the real estate sector and people will also be eager to buy homes in Mumbai. Especially for the residents of middle income group and low income group, this decision will prove to be very beneficial and the sale of new homes in Mumbai will also increase in a way.
Understand its economic math
The Uddhav government of the same state estimates that 16.14 lakh residential units will benefit from this and crores of people associated with them will also benefit financially. However, due to this exemption, there will be a loss of revenue of Rs 462 crore to the state exchequer and the remaining loss of Rs 45 crore will be met by the state government.
what will be the political aspect
At the same time, this announcement made before the municipal elections of Mumbai can also benefit the ruling Shiv Sena and that is why before the BMC elections likely to be held next month, Shiv Sena has decided to implement this decision with immediate effect.
Sales of MIG Group houses increased in Mumbai
Let us tell you that the sales of mid to high category (MIG-HIG) apartments in Mumbai have also been seen increasing continuously for the last 5 quarters. In view of this, BMC, the country’s richest metropolitan municipality, expects that even though its revenue will be reduced due to the waiving of property tax, but due to the sale of new houses, it will also be completed soon.