Gulam Zia- Senior Executive Director – Research, Advisory, Infrastructure and Valuation Knight Frank India:
“The Maharashtra state government budget is welfare oriented. It aims to address needs of most sections of the society and will have an impact on the civic body election which is due later this year and the state polls next year. The measures announced to build affordable homes will help achieve the ‘Housing for all’ program of the Union government. The clear focus was health, infra, and agriculture. 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, Sambhaji Nagar, and Ratnagiri.”
Nitin Bavisi – CFO at Ajmera Realty and Infra India Ltd:
“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. During the upcoming fiscal year 2023–2024, the national-level Economic Survey forecasts a base GDP increase of 6.5% in real terms. Overall, the State Budget has a methodical view of the all-encompassing growth of Maharashtra. With the opportunities that we foresee, it looks promising that the real estate sector will be a key contributor to Maharashtra’s economy that will be of a significant 1/5th share to the goal of a 5 trillion Indian Economy.”
Cyrus Mody, Founder & Managing Partner at Viceroy Properties:
The 1% duty discount for women homebuyers is a move that is welcomed and revered by the real estate sector. This will empower more women to become homebuyers and thus address a long-due concern of gender disparity. The allocation of 36000 crore for state-wide infrastructural boost backed by a slew of new airports in Shirdi, Purandar and Chatrapati Sambhaji Nagar along waterways and roadways development will lead to a 10x growth in connectivity to and fro the financial capital, thus resulting in multi-fold growth of housing demand in newer micro-pockets of Mumbai, MMR and overall Maharashtra.