In order to bring uniformity in the property taxes levied in the suburbs and in south Mumbai, The Brihan Mumbai Municipal Corporation had introduced a new tax system from rateable to capital value in 2010 based on the built-up area, but was strongly opposed by all sections of the society, especially the residents of south […]
BMC Archive
November 27, 2015 6:00 pm
Smart City race – Lower Parel a strong contender
The Smart City initiative of the Central Government aims at improving the quality of urbanization in 100 cities of India. Smart cities will receive funding to enhance their core infrastructure like water, power, sanitation, transport, housing and digital connectivity. Each Smart city is proposed central funds of Rs. 500 crore, state funding of about Rs. […]
October 29, 2015 6:00 pm
According to CBEC, Title transfers of immovable properties are not taxable
In case of flat sales, the title transfer of immovable property with an issuance of an occupancy certificate will be exempted from any kind of service tax, on Monday the finance ministry stated. It was long time issue in the real estate domain and to resolve this long standing issue which is directly related to the […]
October 29, 2015 10:00 am
Now onwards Mumbai developers can take the help of private consultants to receive the NOCs
As a part of new initiative “Ease of Doing Business”, BMC is planning to reduce the building permissions from over more than 150 buildings to 70 buildings. However; according to the reports of construction industry, it is“Eyewash” stating that there is need of proper building approvals system in all civic bodies which are dominated by […]
October 28, 2015 6:00 pm
Service tax exemption for title transfer of immovable property
When it comes to sale of flats or transfer of title of immovable property, so now onwards after the issuance of occupancy certificate there will be no need to pay the service tax, as per latest guidelines of Finance Ministry of India. On Monday, CBEC (The Central Board of Excise and Customs) issued the clarification […]
September 25, 2015 10:00 am
A complete guide to BMC Property Tax payment (2015)
As per a new resolution of the BMC’s standing committee, property owners in Mumbai will have to pay an average increase of 14.52% as property tax from April this year. However, owners of flats that measure less than 500 sq ft will not pay the increase as they have been granted relief by the Chief […]
June 5, 2015 10:00 am
With new rules, BMC gain 15 per cent profit in property tax collection
After implementing new rules and modifying old rules, BMC estimates that it will gain 15 per cent profit in property tax collection which will be approx Rs 4,400 crore. The cash rich Brihanmumbai Municipal Corporation is excepting that for the years 2015, it will gain 15 per cent gain or profit in property tax in […]
April 18, 2015 8:39 am
SRA builders can face action within 24 hrs of complaint, if they will accused of cheating
If there will be any irregularities in the construction of residential units under the Slum Rehabilitation Scheme, so the action will be initiated within 24 hours of receipt of cheating complaints by the buyers of Slum Rehabilitation Scheme, said Prakash Mehta, Maharashtra Housing Minister. The more he added that the developer was fined because it […]
March 28, 2015 9:00 am
Revised plan of BMC: Now you have to pay 12% more residential property tax
If new proposed formula of the municipal administration to calculate property tax in the city is approved by the standing committee of the BMC on Wednesday so all the residential property owners will have to pay the 11.74 per cent more residential property tax than what is paid now and it will come in effect […]
March 27, 2015 9:00 am
All the properties below 500 sq ft will be excluded from New Tax System
In a positive move to bring relief to around 8 lakh households in the city, BMC has decided to exclude structures below 500 sq ft from the capital value based property tax system once again. They will now continue to pay property tax based on the old system of ready reackoner rates. This fresh proposal […]
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