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Home >News >India >Maharashtra's budget boost for FY22 welcomed, will aid recovery: Experts

To boost a slowing state economy, the Maharashtra government has laid emphasis on infrastructural projects in 2021-22 budget. Presented by the Deputy Chief Minister Ajit Pawar on Monday, the government has made its intentions clear to push development of infrastructure projects in Mumbai and other cities. An outlay of 12,950 crore is proposed to Public Works Department for road development and 946 crore Public Works Department for building for scheme expenditure.

Pawar also highlighted the government’s key infra projects - the Jalna-Nanded Expressway Connector, enhancing the Mumbai-Pune Expressway, the eastern freeway in Mumbai and the Pune ring route. Pawar has proposed an allocation of 7,350 crore is proposed to Rural Development Department for scheme expenditure.

The state has also decided to use the waterways around Mumbai, Thane and Navi Mumbai for transport. A Vasai to Kalyan water transport service will be made available in the first phase for which jetties will be constructed at Kolshet, Kalher, Dombivli and Mira-Bhayandar. The government is also speeding up work on urban transport systems in Mumbai, particularly the Mumbai metro, the Bandra-Versova-Virar sea link and the trans-harbour link.

Pawar has also proposed concessions in stamp duty for properties registered by women.

Rohit Poddar, Managing Director, Poddar Housing and Development Ltd, said: “The budget presented by the state government is comprehensive keeping in mind the current situation of economic recovery. For the real estate sector, a concession of 1% for property registered in woman’s name under Rajmata Graha Swamini Yojana is a welcome move. It will help boost demand from this segment of homebuyers, women have become a key group of homebuyers due to more and more females entering the workforce, becoming key decision-makers.

“The announcements of infrastructural development in key parts of the state will help economic growth, change land-use patterns, give a boost to real estate projects in hyper-local areas of Maharashtra," Poddar said.

“Furthermore, the waterways for transit between Mumbai, Thane to Navi Mumbai, and Vasai to Kalyan will help ease traffic congestion, enhance the transit experience for commuters. The same will also create new jobs and development around the region. Overall, the government's Budget for FY21-22 is centered on increasing job opportunities in the state, with announcements in healthcare, infrastructure, tourism, and transportation to ensure a rapid return to growth."

Bhavin Thakker, Managing Director, Mumbai & Head, Cross Border Tenant Advisory, Savills India said: “The Maharashtra State budget has given a major boost to the infrastructure, specifically in Mumbai and Pune. This will bring back some lustre to the construction and infrastructure industry of the state that had been struggling due to the pandemic. Infrastructure projects like Coastal Road Project are going to open up the several micro markets as potential investment hubs and end use choices. This will also enhance traffic management across several high congestion areas. With several such strong initiatives we can hope to see a brighter future for the realty market in the state. Most importantly, this will also enhance the economy in general as it will generate robust direct and indirect employment in the state thereby improving sentiments across levels."

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