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.
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