It looks like the property tax in Mumbai is soon going to be placed on a logical and rational basis. In all likelihood an amendment to the BMC or the Brinanmumbai Municipal Corporation Act of 1888. The amendment will see a shift of the calculation of property taxes from the current ratable value system to one that is based on the capital value of the property.
More on A Change Likely To Be Seen in Mumbai’s Property Taxes
The Mumbai real estate market is enjoying a high time. There is a real estate boom in India and after Gurgaon and Delhi, Mumbai is the next most popular hub where people are moving into in great numbers. There has been a marked enhancement in the supply and demand in the micro markets. The investors have been trying to foray into the real estate scenario investing into retail sectors, residential sectors, and banking, insurance and IT/ITES sectors too.
