Bombay Stock Exchange
The Brihanmumbai Municipal Corporation (BMC) has issued notices to various buildings including the Bombay Stock Exchange (BSE) and the Life Insurance Corporation building at Nariman Point for not paying property tax.
These buildings together owe the BMC crores of rupees (see Some of the defaulters) and notices to their owners were sent more than a month ago. Action has been initiated against many buildings, assessor and collector of BMC Narayan Mundle said.
Another official of the assessment and collection department said: The buildings will have to pay the arrears on or before September 30. If they fail to pay up by end of the month, the properties will be attached and later auctioned by the BMC.
The BMC has intensified its crackdown on places from where property tax payments have not come.
In the last two months alone, the assessment and collection department has recovered arrears worth more than Rs 100 crore.
Every year, the BMC earns a major chunk of its revenue about Rs 1,200 crore as property taxes.
So far this year, the BMC has collected Rs 600 crore by way of property taxes and attached 500 properties for defaulting on payments.
These properties include those of the LOK group, MESCO and Mumbai police.
Usually, notices are issued to defaulters and if the owners fail to pay up, the properties are attached by BMC and auctioned. Arrest warrants can also be issued against the owners.
However, civic officials generally refrain from issuing warrants.
That is a lengthy procedure and we dont usually follow it, a civic official said.
Some of the defaulters Name Amount in Rs LIC 9 crore Stock Exchange 70 lakh Empire house 3.37 crore Orient building 2.33 crore Laxmi building 2.17 crore Bombay Mutual building 43 lakh Universal insurance 1.56 crore Bombay Mutual building 5.98 crore Jeevan Udyog building 1.92 crore
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