Any deficit in the Bombay Metropolitan Region Development Fund in any financial year shall be made good by the Authority not later than the close of the next succeeding financial year.

Power to levy a cess on buildings and lands

1. (1) The State Government may, upon a request received from the Metropolitan Authority, by notification in the Official Gazette, levy a cess on buildings and lands in the Bombay Metropolitan Region or any part thereof, at such rate not exceeding five per centum, as may be determined by the State Government, of the ratable value of the property : Provided that all buildings or parts thereof, which are erected before the 1st day of April 1960, and the lands on which they are erected, shall be exempt from the payment of the cess.
2. (2) Such cess may be levied at different rates for different areas and for different classes of properties.
3. (3) The cess shall be collected by the local authority within whose areas the properties are situated as if the cess were a property tax levied by it under the law governing that local authority and shall first be credited to the Consolidated Fund of the State, after deducting such portion thereof as may be prescribed as collection charges.
4. (4) The State Government shall after due appropriation made by the State Legislature by law in this behalf, pay to the Authority, from time to time, from out of the proceeds of the cess sums equivalent to the net amount of the cess credited to the Consolidated Fund of the State for being utilised by the Authority for the purposes of this Act.
5. (5) Notwithstanding anything contained in the Bombay Rents, Hotel and Lodging House Rates Control Act, 1947, a landlord shall not, in respect of any premises situated in the Metropolitan Region, be entitled to make any increase in the rent of the said premises on account of the payment by him of the cess levied under this section.