The BMC – Brihanmumbai Municipal Corporation announced that the flat owners with Occupancy Certificate [OC] in Mumbai will receive individual property tax bill as per the new system. The BMC also stated that the flat owners are likely to enjoy the ‘Early Bird’ discount in case of making early payment of the property tax.
Earlier, the Brihanmumbai Municipal Corporation [BMC] uses to send a common property tax bill to the housing societies after which the societies had to collect the respective tax from the flat owners. But, all flat owners were used to get penalized in case some of them fail to pay the tax on time. Therefore, the Corporation has introduced the individual property tax concept. This system also demolishes the requirement of NOC [No-Objection Certificate] from the housing society for paying off the property tax individual by a flat owner.
According to BMC, the city has a total of 28 lakh flats across 2.75 lakh buildings in the city out of which 1.42 lakh flat owners are currently paying the property bills individually.
According to a real estate consultant, the idea of collecting individual property tax and early bird discounts are the ways to earn more revenue by the Brihanmumbai Municipal Corporation [BMC]. The increase in revenue via these offers will impact the Mumbaikar’s positively as the Corporation will have more funds to develop and manage the infrastructural need of the city.