The state government has issued an ordinance on not revising the capital value of properties in Mumbai.
While the state cabinet approved the proposal, it required an amendment to the BMC Act to implement it. Since the legislature is not in session, the government issued an ordinance.
According to the statement in the ordinance, owing to the Covid pandemic, the centre and state government declared a lockdown which had an adverse economic impact on small scale industries, factories, educational institutions, daily works etc. The government therefore amended the BMC Act to not revise the capital value of properties for 2020-21 and 2021-22.
However, since the adverse impact of the pandemic still continues, the government has decided not to revise the rates for 2022-23 as well. The rates of 2019-20 will continue to apply.
