Mumbai (Maharashtra) [India], February 4 (ANI): The Brihanmumbai Municipal Corporation (BMC) on Tuesday proposed a budget of Rs 74,427.41 crore for the financial year 2025-26.
This marks an increase of 14.19 per cent compared to the Rs 65,180.79 crore budget for 2024-25.
The budget document stated that “It is now essential for BMC to proactively initiate the process of restructuring its financial resources and explore new avenues for income. Ensuring financial stability without compromising on city’s development is our foremost priority, so that sufficient funds will be available in future for development works”.
BMC’s revenue income, which forms a major part of its finances, has also been revised upwards. The budget estimate for 2024-25 was Rs 35,749.03 crore, but it has now been revised to Rs 40,693.85 crore, reflecting a 13.83 per cent rise of Rs 4,944.82 crore. The actual revenue collected until December 31, 2024, stood at Rs 28,308.37 crore.
For 2025-26, the BMC has estimated revenue income is Rs 43,159.40 crore, which is 20.73 per cent higher than the initial estimates for 2024-25.
A significant portion of the budget, Rs 43,162.23 crore, is allocated for capital expenditure. This accounts for 58 per cent of the total budget for the financial year 2025-26.
The revenue from property tax has seen upward trend. In 2024-25, the initial budget estimate for property tax collection was Rs 4,950 crore, but it has now been revised to Rs 6,200 crore. For 2025-26, the budget estimate for property tax revenue is Rs 5,200 crore.
Despite that many property owners are currently paying only 50 per cent of their tax amounts.
Highlighting the income from interest on investments for 2024-25, BMC had estimated an income of Rs 2,206.30 crore from interest on investments. This has been revised slightly to Rs 2,219.92 crore, an increase of Rs 13.62 crore (0.62 per cent). By December 31, 2024, the actual income received from interest on investments was Rs 1,780.62 cr.
BMC also highlighted that the commercial properties in slum areas are being assessed and it is expected to generate a revenue of Rs 350 crore. As BMC provides infrastructure facilities to these establishments, it is necessary to recover property tax by assessing these commercial units.
With a higher budget allocation and increased revenue estimates, BMC aims to enhance infrastructure and services in Mumbai while awaiting key legal decisions regarding property tax collections. (ANI)
Disclaimer: This story is auto-generated from a syndicated feed of ANI; only the image & headline may have been reworked by News Services Division of World News Network Inc Ltd and Palghar News and Pune News and World News
HINDI, MARATHI, GUJARATI, TAMIL, TELUGU, BENGALI, KANNADA, ORIYA, PUNJABI, URDU, MALAYALAM
For more details and packages
