Amendment of section 154 of III of

In section 154 of the Mumbai Municipal Corporation Act (hereinafter referred to as “the principal Act”), for sub-sections (1A) and (1B), the following sub-sections shall be substituted and shall be deemed to have been substituted with effect from 1st April 2010, namely :—

(1A) In order to fix the capital value of any land or building or part thereof assessable to a property tax, the Commissioner shall have regard to value of land or building and the factors specified as follows :—

1. (I) Value of land or building.—

1. (a) In case of land, the average rates of any land as indicated in the Annual Statement of Rates, for the time being in force, published under the Maharashtra Stamp (Determination of True Market Value of Property) Rules, 1995, framed under the provisions of the Maharashtra Stamp Act (hereinafter referred to as “Annual Statement of Rates”), as a base rate; and
2. (b) In case of building, average rates of any building as indicated in the Annual Statement of Rates for the time being in force, as a base rate: Provided that, where the Annual Statement of Rates does not indicate value of any properties in any particular area wherein a land or building in respect of which capital value is required to be determined is situated, or in case such Annual Statement of Rates is not prepared or available, the Commissioner shall, in order to fix capital value of such land or building or part thereof as per the provisions of this sub-section, consider market value of such land or building in place of average rate of land or building in the Annual Statement of Rates, as a base rate; and
   • (II) Factors.—
3. (a) In case of land,—
   • (i) the nature and type of the land;
   • (ii) area of land;
   • (iii) user category, such as
   • (i) industrial,
   • (ii) residential,
   • (iii) commercial and any other user categories not covered by any of the above categories; or
   • (iv) any other factors as may be prescribed by rules made under sub-section (1B).
4. (b) In case of building,—
   • (i) the nature, type and structure of the building;
   • (ii) built-up area of the building for the period commencing from the 1st April 2010 to 31st March 2015 and carpet area of building from 1st April 2015;
   • (iii) user category, such as,
   • (i) residential,
   • (ii) commercial (shops or the like),
   • (iii) offices,
   • (iv) hotels (upto 4 stars),
   • (v) hotels (more than 4 stars),
   • (vi) banks,
   • (vii) industries and factories,
   • (viii) school and college building or building used for educational purposes,
   • (ix) malls, and
   • (x) any other user categories of building not covered by any of the above categories;
   • (iv) age of the building; or
   • (v) any other factors as may be prescribed by rules made under sub-section (1B). (1B) The Commissioner shall, either prospectively or retrospectively, with the approval of the Standing Committee, frame such rules to prescribe details of categories of land or building or any other factors of land or building, weightage by multiplication to be assigned to various such factors, formula for fixation of capital value of land or building or part thereof and any other matters for the purposes of fixing the capital value under sub-section (1A).”