To tackle future financial challenges, the Brihanmumbai Municipal Corporation (BMC) is exploring the possibility of an increase in property tax as well as upgrading its redevelopment policy. The potential tax hike could hamper mid-range property buyers. Meanwhile, officials revealed to mid-day that no new projects will be announced in the BMC budget for the financial year 2025-26, which is to be presented to the civic body’s standing committee in the first week of February. 

A BMC official told mid-day, “Our slate of mega projects is full and we can’t take on any new ones in the next financial year. Costs related to existing projects will rise after two years, posing a challenge to the BMC. To meet these financial challenges, we are looking at increasing property tax, imposing property tax on commercial slums, revising premiums [paid by developers] related to the redevelopment of BMC-owned properties and leasing such properties.”