How does India's richest municipal body BMC earn more than some states' budgets?

India's richest municipal body, Brihanmumbai Municipal Corporation (BMC), earns a majority of its funds as state compensation, property tax, development fees and premiums, licensing fees, hoardings and outdoor ads. BMC's FY26 budget of ₹74,427 crore is bigger than Arunachal Pradesh, Himachal Pradesh, Sikkim and Tripura's budgets. BMC spends the most on capital expenditure and civic services.