In the Maharashtra state Budget presented on March 9, 2023 by Devendra Fadnavis, deputy chief minister and finance minister Maharashtra announced cash benefit of Rs 6,000 annually to 1.15 crore farmers. Modelled on the lines of PM Kisan Yojana, Maharashtra government has set Rs 6,900 crore per year for this scheme.
The state Budget mentioned that under Modi Awas Gharkul Yojana, Rs 12,000 crore will be allotted in the next 3 years to build 10 lakh houses for backward class beneficiaries.
With a focus on women, the Maharashtra state government has announced a 1% discount on stamp duty for women.
The Budget also mentioned that work is on to make 50 km of Mumbai Metro lines operational in Mumbai Metropolitan Region by 2023. From the total 337 km Mumbai metro network, 46 km are already operational. Additionally, the state budget has proposed allocation of Rs 39,000 crore for Metro projects in Nashik, Pimpri-Chinchwad and Thane.
Maharashtra state Budget 2023-24: Industry voices
Gulam Zia, senior executive director – research, advisory, infrastructure and valuation, Knight Frank India said, “The Maharashtra state government Budget is welfare oriented. The measures announced to build affordable homes will help achieve the ‘Housing for all’ program of the Union government. The transit infra projects once completed will enable the fast movement of goods and services. The commissioning of New metro lines will help spur the development of those micro markets in the island city, which were hampered by inefficient connectivity. Rs 36,000 crore allocation for infra projects will support development across the state. The focus was multi-dimensional as investment measures were announced for regions like Nagpur, Mumbai, Pune, Smabhaji Nagar, and Ratnagiri.”
Commenting on the Maharashtra state Budget, Ram Raheja, managing director, S Raheja Realty said, “The state Budget shows promise in terms of economic development for various communities including by way of 3 lakh homes to be built this year, which will address housing concerns existing in the state. The 1 trillion dollar share of Maharashtra in the 5 trillion dollar Indian economy, as envisioned by the government, will see the real estate market as a solid contributor, owing to consistent demand from homebuyers, redevelopment projects, and commercial projects.”
Nitin Bavisi, CFO, Ajmera Realty and infra India ltd mentioned, “The highlight of the state budget of Maharashtra is the continuation of 1% discount in stamp duty for women homebuyers. The move will encourage a sense of homeownership amongst women. The Budget was well in line with the infra push announced in the Union Budget. The move towards boosting the infrastructure and connectivity through Maharashtra will open up opportunities for various segments of real estate developments comprising residential, retail, commercial and warehousing. The connectivity boost will drive the rise of new real-estate micro-markets, thus resulting in the emergence of new epicentres of Mumbai and MMR.
With 16+ years of experience in various sectors, of which more than ten years in real estate, Anuradha Ramamirtham excels in tracking property trends and simplifying housing-related topics such as Rera, housing lottery, etc. Her diverse background includes roles at Times Property, Tech Target India, Indiantelevision.com and ITNation. Anuradha holds a PG Diploma degree in Journalism from KC College and has done BSc (IT) from SIES. In her leisure time, she enjoys singing and travelling.
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