Here's why Mumbai's civic body had to go for doomed property tax hike

Updated On: 02 January, 2024 01:07 AM IST | Mumbai | Prajakta Kasale

It has been city’s second biggest revenue source, has not been able to keep up with rising infrastructure demand

Listen to this article :

The BMC has undertaken infrastructure projects worth several thousand crore. File pic

The BMC has reversed its decision to increase property tax for now, but the civic body is in dire need of funds owing to the several thousands crore worth of infrastructure projects it has undertaken. Property tax is the second-largest source of revenue for the BMC, but has been losing its glory over the last few years.

In budget 2023-24 which is Rs 52,619 crore, the BMC proposed Rs 27,247 crore for various infrastructure projects. Though the civic body had Rs 88,000 crore in fixed deposits (FDs), it needed Rs 1.25 lakh crore for infra projects and Rs 37,156 crore for pensions. As there are limited sources of revenue, the BMC is supposed to draw a whopping Rs 18,746 crore from FDs this year. The corporation proposed a 16 per cent hike in property tax to increase revenue.

Buy now to read the full story.

For just ₹/-

Already a member? Login

For any queries please contact us: E-mail: support@mid-day.com

Latest Photos

Latest Videos

Latest Web Stories

Mid-Day Fast

;

Home / Mumbai / Mumbai News / Article / Here's why Mumbai's civic body had to go for doomed property tax hike