Maharashtra Budget 2024: ₹7425 Crore Allocated for Affordable Housing
Maharashtra government's interim budget for 2024-25 allocates ₹7425 crore for construction of 35 lakh affordable homes through various housing schemes, including Pradhan Mantri Awas Yojana (PMAY).
Maharashtra BudgetAffordable HousingPradhan Mantri Awas YojanaReal EstateStamp DutyWomen HomebuyersReal Estate NewsJun 29, 2024
The budget also proposes to continue concessions given to women homebuyers, including a 1% stamp duty concession. Additionally, the government plans to digitalize the process of applying for stamp duty online and relax penalties for those who have paid insufficient stamp duty. The state is expected to go to the polls around October 2024, and the real estate sector is hoping for continued government support for affordable housing.
Mumbai developers have welcomed the budget, saying it will contribute to the state's progress and prosperity. The Maharashtra government has also proposed Metro lines spanning 499 km for Mumbai, Pune, and Nagpur, with 127 km already operational and an additional 37 km expected to become functional within the current financial year.
Frequently Asked Questions
What is the target of the Maharashtra government's interim budget for 2024-25?
The target is to construct 35 lakh affordable homes in the next five years through various housing schemes.
What is the allocation for housing schemes in the 2024-25 budget?
The allocation is ₹7425 crore for various housing schemes, including Pradhan Mantri Awas Yojana (PMAY).
What is the benefit for women homebuyers in the budget?
Women homebuyers will continue to get a 1% stamp duty concession if the property is bought in their name.
What is the proposal for Metro lines in the budget?
The proposal is for Metro lines spanning 499 km for Mumbai, Pune, and Nagpur, with 127 km already operational and an additional 37 km expected to become functional within the current financial year.
What is the expected impact of the budget on the real estate sector?
The real estate sector is hoping for continued government support for affordable housing, and the budget is expected to stimulate economic growth by creating numerous job opportunities in the construction sector.
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