 "Supreme Court")
The Supreme Court has upheld a Bombay High Court order quashing rules framed by Municipal Corporation of Greater Mumbai (MCGM) for levying property tax based on the capital value of the land under construction.
City real estate developers argued they paid exorbitant amounts as Land Under Construction Tax to the MCGM. The Central Mumbai Developers Welfare Association (CMDWA) filed a petition in 2016 challenging rules framed by the MCGM under the capital value system.
MCGM increased the tax liabilities by almost five times, resulting in making real estate projects unviable and under construction projects getting stalled, said the petition.
The judgement is expected
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