BMC Approves Property Tax Exemption for Homes Up To 700 Sq Ft, Mumbaikars Rejoice

• Brihanmumbai Municipal Corporation (BMC) has approved increasing the property tax exemption limit from 500 sq ft to 700 sq ft for residential homes.
• This decision will financially benefit thousands of middle-class families in Mumbai.
• The proposal, put forth by Shiv Sena (Thackeray Faction) leader Yashodhar Phanase, was unanimously approved.
• The move is expected to result in an annual loss of approximately 700 crore rupees to the corporation's treasury.
• The proposal will undergo administrative and legal verification before final approval by the Municipal Commissioner and official circular issuance.