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Dr. Niranjan Hiranandani, Co Founder & MD, Hiranandani Group and National President, NAREDCO
Dr. Niranjan Hiranandani, Co Founder & MD, Hiranandani Group and National President, NAREDCO

Maharashtra Finance Minister Sudhir Mungantiwar tabled the interim budget for four months, April to July, on 27 February 2019. The Maharashtra Government will table the additional budget in its next session.

Among the positives for real estate was the allocation of Rs 6895 crore for the PMAY or ‘Housing for All’ scheme. This is a positive move and we should see more home seekers in the segment getting their dream homes, making these a reality, Infrastructure and connectivity will also gain as a result of other allocations, and these will help buyers of affordable homes in peripheral areas connect with their work-places.

The Maharashtra Finance Minister also announced allocation of Rs 2400 crore for Swacch Maharashtra and Amrut Cities scheme; Rs 101 crore for development of state transport bus stands across the state; Rs 26 crore for the Sagarmala Project under which jetties have to be built at various spots; Rs 3700 crore for roads under hybrid annuity and Rs 8500 crore given for development of roads and highways.

The interim budget speech by Maharashtra Finance Minister Sudhir Mungantiwar brings in positives for the State in general and infrastructure, which will positively impact real estate in particular, the debt stock as percentage of GDP is expected to 14.82%, which was estimated to be 16.5%. Similarly, the Maharashtra government estimates total debt at Rs 4.14 lakh crore, which was initially estimated to be Rs 4.61 lakh crore. There has been a roadmap towards keeping fiscal deficit in control, which is a positive impact of right policy decisions.

Dr. Niranjan Hiranandani-National President, NAREDCO
Source: Hiranandani Group