On Thursday, February 3, the richest civic body in India, the Brihanmumbai Municipal Corporation (BMC) presented a budget of INR 45,949.21 crore for the year 2022-23 in the lead up to the BMC elections.
According to accounts, budget estimates are 17.70 per cent greater than the last fiscal, when the civic authority had presented INR 39,038.83 crore budget.
It has been reported that the civic body proclaimed a 100 per cent relief from the payment of property tax for flats measuring up to 500 sq ft of the carpet area. Municipal Commissioner Iqbal Singh Chahal in his speech remarked that nearly 16,14,000 citizens will get 100 per cent property tax relief, highlighted narratives.
Chahal added that the amount of exemption to citizens is to the tune of INR 462 crore per year. Based on narratives, the said decision will prove advantageous to owners of more than 16 lakh houses under 500 sq feet in the BMC limits.
Apart from this, the BMC budget set aside a considerable amount for education in addition to pushing fire safety infrastructure in the island city.
Moreover, for the much talked about Mumbai Coastal Road Project a whopping INR 3,200 crore has been set aside.
Also Read: BMC Elections 2022: This Civic Ward Recovers Highest Property Tax In Mumbai
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