In a significant move, the Maharashtra government’s Interim Budget for 2024-2025 has set a target to construct 35 lakh affordable homes over the next five years. This comprehensive plan, which includes various housing schemes such as the Pradhan Mantri Awas Yojana (PMAY), has been allocated a substantial sum of ₹7,425 crore.
Presenting the Interim Budget, Finance Minister Ajit Pawar announced the continuation of the popular concessions given to women homebuyers for purchasing property. Maharashtra has been promoting gender equality in the real estate sector, offering a 1% stamp duty concession for properties registered in the name of a woman buyer.
The state government has also proposed digitalizing the stamp duty application process and relaxing penalties for those found to have paid insufficient stamp duty, aiming to improve the ease of doing business.
Prashant Sharma, president of NAREDCO Maharashtra, commended the government’s commitment, stating that the affordable housing initiatives will provide shelter and stimulate economic growth by creating job opportunities in the construction sector. The continuation of the stamp duty concession for women homebuyers is expected to empower female property ownership and contribute to the state’s progress.
