How to recover ₹355 crore from 67 defaulters

Property tax is the main source of revenue for the BMC and the tax should be deposited within 90 days of the receipt of property tax payments.

Mumbai: The Brihanmumbai Municipal Corporation (BMC) has initiated a process to appoint a professional organisation to trace assets for recovery from 67 defaulters of property taxes amounting to ₹355 crore.

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The organisation will search for immovable properties registered in the name of defaulters, collect documentary evidence of ownership of those properties, search for commercial properties, establish investment and financial interests of defaulters in those entities, etc.

So far, properties of 67 defaulters under various categories like residential, industrial, commercial and open spaces have been confiscated. Out of the ₹355.2 crore, the original tax amounts to ₹267.9 crore and the rest ₹87.3 crore is a penalty.

Property tax is the main source of revenue for the BMC and the tax should be deposited within 90 days of the receipt of property tax payments. Failing to do so, the BMCs tax and assessment department takes step-wise action through direct contact and communication.

The last day to pay the property tax is March 31, 2023.