Navi Mumbai Municipal Corporation has decided to waive property tax for flat owners living in apartments up to 500sq.ft. The waiver which is applicable to all flat owners irrespective of their income or status is expected to benefit around 1.5 lakh flat owners with an annual estimated cost of ₹100 crores.

The Navi Mumbai Municipal Corporation (NMMC) has decided to waive property tax for flat owners residing in apartments of up to 500 square feet. The decision was taken by the NMMC's general body on Wednesday.

The waiver will be applicable to all flat owners, irrespective of their income or social status. The decision is expected to benefit around 1.5 lakh flat owners in Navi Mumbai.

The NMMC has estimated that the waiver will cost the civic body around Rs 100 crore annually. However, the civic body has said that it is confident of being able to meet the financial burden.

The decision to waive property tax for flat owners of up to 500 square feet has been welcomed by residents. They have said that the waiver will provide much-needed relief to them.

The NMMC's decision to waive property tax for flat owners of up to 500 square feet is in line with the state government's policy of providing relief to the common man. The state government has already waived property tax for farmers, senior citizens, and people with disabilities.

The NMMC's decision is expected to set a precedent for other civic bodies in the state. It is likely that other civic bodies will also follow suit and waive property tax for flat owners of up to 500 square feet.

The waiver of property tax for flat owners of up to 500 square feet is a positive step by the NMMC. It is a move that will benefit a large number of people and will help to ease the financial burden on them.

Source: timesnownews.com

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