No property tax for flats smaller than 500 sq ft

No property tax for flats smaller than 500 sq ft

With poll dates set to be announced anytime soon. Maharashtra cabinet , within three days of its Tuesday meeting gathered again on Friday to clear populist proposals like a property tax waiver for a category of homes , concessions in premiums for promoting self self redevelopment and granting 15 acres to Bharat Petroleum for a training center in Nagpur.

The property tax waiver is for 17 Lakh tenements of less than 500 sq ft carpet area, which will result in an annual revenue loss of around Rs 400 crore for the BMC. The waiver was a civic election promise made by the Shiv Sena in 2017.

As for self redevelopment a press release said permission will be granted within six months through the one window system. The government has said it will provide concessions in premium for additional FSI, and transfer of development rights, besides concession in premium for conversion from urban land ceiling to non ULC,GST , Stamp duty, premium for open space deficiency.