Mumbai, Feb 3: The Brihanmumbai Municipal Corporation (BMC), the richest civic body in the country, on Thursday presented a budget of Rs 45,949.21 crore for the year 2022-23, ahead of the civic elections.

The budget estimates are 17.70 per cent more than the last fiscal, when the BMC had presented Rs 39,038.83 crore budget.

Mumbai municipal commissioner Iqbal Singh Chahal presented the budget before the civic standing committee meeting held at the BMC headquarters.

In the budget, the civic body announced 100 per cent relief from payment of property tax for the flats measuring up to 500 square feet of carpet area. Union Budget 2022 Highlights: All Announcements Made by FM Nirmala Sitharaman in Her Budget Speech in Parliament.

"About 16,14,000 citizens will get 100 per cent property tax relief. The amount of exemption to citizens is to the tune of Rs 462 crore per annum," Chahal said in his budget speech.

On January 1, Chief Minister Uddhav Thackeray had announced a decision to waive the property tax for the residential units of up to 500 square feet, located within the Mumbai municipal area limits.

Before presenting the general budget at the standing committee, the BMC also tabled its education budget of Rs 3,370.24 crore. This year's education budget estimates are 14.45 per cent more than the last fiscal when the budget was Rs 2945.78 crore.