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In a significant move aimed at addressing housing needs and boosting economic growth, Maharashtra’s Interim Budget for 2024-2025 has earmarked ₹7425 crore for the construction of 35 lakh affordable homes over the next five years. Finance Minister Ajit Pawar announced this ambitious initiative during his budget presentation, highlighting various housing schemes including the Pradhan Mantri Awas Yojana (PMAY) that will facilitate this massive construction project.
The budget also extends key benefits to homebuyers, particularly women, continuing a 1% stamp duty concession on properties purchased in their name. This measure aims to encourage women’s participation in property ownership and investment. Additionally, the government plans to digitize the stamp duty application process, simplifying procedures for applicants across the state.
Pawar emphasized the importance of streamlining governance in property transactions, proposing reduced penalties for cases where insufficient stamp duty has been paid. Under the new provisions, penalties will decrease from 2% to 1% per month on the difference in stamp duty amount, enhancing ease of compliance for taxpayers.
The interim budget reflects Maharashtra’s commitment to infrastructure development with substantial allocations for metro lines in Mumbai, Pune, and Nagpur. Currently, 127 km of metro lines are operational, with an additional 37 km expected to start functioning within the fiscal year, underscoring the state’s efforts to improve urban connectivity and mobility.
Industry stakeholders have welcomed the budgetary provisions, acknowledging its potential to stimulate the construction sector and generate employment opportunities. Prashant Sharma, President of NAREDCO Maharashtra, lauded the government’s initiative, noting its dual impact on providing affordable housing and boosting economic activity through job creation.
The allocation towards housing schemes and infrastructure projects signals Maharashtra’s proactive approach in meeting the evolving needs of its residents while fostering sustainable urban development. As the state prepares for upcoming elections in October 2024, these budgetary measures are set to play a pivotal role in shaping public discourse and policy priorities.
Sources By Agencies
