Maharashtra Budget 2024: ₹7425 Crore Allocation for 35 Lakh Affordable Homes
The Maharashtra government has set a target to construct 35 lakh affordable homes in the next five years, allocating ₹7425 crore for various housing schemes.
Affordable HousingMaharashtra Budget 2024Pradhan Mantri Awas YojanaStamp DutyWomen EmpowermentReal EstateJun 28, 2024
In his Budget speech, Finance Minister Ajit Pawar highlighted the importance of affordable housing and announced concessions for women homebuyers. The government will continue to offer a 1% stamp duty concession to women who purchase property in their name. Additionally, the process of applying for stamp duty will be digitalized, and penalties for insufficient stamp duty payments will be relaxed.
The housing schemes included in the Budget are Pradhan Mantri Awas Yojana, Ramai Awas Yojana, Shabri, Pardhi and Adim Awas Yojana, Modi Awas Yojana, Yashwantrao Chavan Mukt Vasahat Yojana, and Punyashlok Ahilya Devi Holkar Gharkul Yojana. The allocation of ₹7425 crore is a significant step towards achieving the government's goal of providing affordable housing to all.
Industry experts have welcomed the government's initiative, saying it will not only provide shelter to millions but also stimulate economic growth by creating job opportunities in the construction sector. The continuation of the 1% stamp duty concession for women homebuyers is also seen as a positive move, empowering women and promoting gender equality and financial independence.
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.
Information
The Maharashtra government's Interim Budget for 2024-2025 is a significant step towards addressing the state's housing needs. With a growing population and increasing demand for housing, the government's initiative is expected to provide relief to millions of citizens.
NAREDCO Maharashtra is a leading real estate organization that represents the interests of developers and homebuyers in the state. The organization has welcomed the government's initiative, saying it will stimulate economic growth and provide affordable housing to all.
Frequently Asked Questions
What is the target of the Maharashtra government's Interim Budget for 2024-2025?
The target is to construct 35 lakh affordable homes in the next five years.
How much has been allocated for various housing schemes in 2024-2025?
₹7425 crore has been allocated for various housing schemes in 2024-2025.
What is the benefit of the 1% stamp duty concession for women homebuyers?
The concession empowers women and encourages their participation in property ownership, promoting gender equality and financial independence.
What is the current stamp duty slab in Maharashtra?
The current stamp duty slab is between 5% to 7% in different cities.
What is the expected impact of the government's initiative on the construction sector?
The initiative is expected to stimulate economic growth by creating numerous job opportunities in the construction sector.
Related News Articles
Property Registration Scandal: 796 Documents Under Scrutiny for Violating Real Estate Laws
The registration department is investigating 796 property registration documents for non-compliance with real estate regulations, sparking concerns among developers and buyers.
Maharashtra Weather Alert: Heavy Rainfall Expected in Mumbai, Pune, and Other Districts
IMD issues yellow alert for Mumbai, red alert for Palghar and Pune; heavy to very heavy rainfall expected in the next 24 hours
Nagpur Townships Inspected by State-Appointed Panel, Issues Persist
A state-appointed panel inspected several townships in Nagpur, Maharashtra, but issues related to water supply, irrigation clearance, and inspection delays remain unresolved.
Indore Sees 12.8% Rise in Property Revenue During Festive October
The city of Indore recorded a significant 12.8% increase in property revenue during the festive season in October. According to Balkrishna More, the Deputy Inspector General of Registration for the Indore region, the surge in real estate activity can be a
Arvind Gurumurthy: A Renowned Legal Expert in M&A, Private Equity, and Corporate Law
Arvind Gurumurthy, a distinguished legal professional, has made significant contributions in the fields of M&A, private equity, and corporate law. With a successful seven-year tenure as Partner at Kochhar & Company, Arvind has extensive experience in hand
Arthur Laffer Buys $87,156 in NexPoint Diversified Real Estate Trust Stock: A Bullish Signal?
Arthur Laffer, the director of NexPoint Diversified Real Estate Trust (NXDT), has made a significant purchase of $87,156 in company stock. This move could signal his confidence in the company's future performance. Investors should consider this as a potential indicator of a bullish market play.