Nariman Point is currently experiencing considerable upheaval. The Brihanmumbai Municipal Corporation (BMC) has issued notices to building societies in the area, increasing their taxes by an alarming margin of 5-10 times.
Recently, the BMC’s assessment and collection department implemented a significant hike in what is commonly referred to as the rateable value of buildings that have granted office spaces on leave and license agreements. This rateable value is determined based on the anticipated rental income that a specific office space is expected to yield for its owner.
Nariman Point hosts nearly two dozen buildings, and some months ago, several societies received official notices notifying them that these new rates would take effect retroactively from April of the previous year.
A notable example is the fifteen-storey Mittal Court, where the civic administration has dramatically increased its rateable value from Rs 2.86 crore annually to an astounding Rs 21.31 crore, representing an eight-fold increase.
Similarly, Dalamal Tower has been subjected to a revised rate exceeding ten times its previous levy. It is now mandated to pay Rs 17 crore per year, a significant jump from the previous figure of Rs 1.59 crore.