Will Mumbai’s BMC property tax waiver for homes now benefit more middle-class families?”

Key Highlights

• The move is being hailed as a major “gift” to citizens from the newly-formed Mahayuti alliance and the city’s new Mayor, and fulfils a key campaign promise previously made by the Shiv Sena-MNS alliance in their election manifestos.
• Under the previous rules, households with homes up to 500 square feet were exempt from property tax.
• With the new limit of 700 square feet, thousands of additional middle-class families are expected to benefit directly.
• However, the policy is projected to result in a revenue shortfall of around Rs 700 crore for the municipal corporation.
• The resolution cites the economic pressures faced by middle-class families, particularly those residing in redeveloped slums and chawls.