The Maharashtra state budget for 2024 has been met with optimism by real estate and infrastructure industry leaders, who believe it will drive economic growth and urban development. The budget allocates significant funds for infrastructure, housing, and industrial expansion, positioning the Mumbai Metropolitan Region (MMR) as a key economic hub.
Industry body CREDAI-MCHI has welcomed the government’s initiatives, emphasizing their impact on housing and connectivity. Domnic Romell, President of CREDAI-MCHI, said, “The Maharashtra state budget lays a strong foundation for economic growth through strategic investments in infrastructure and housing. The focus on urban development, including multi-modal corridors, metro projects, and improved connectivity, will propel the MMR as the economic powerhouse of India. The allocation of ₹8,100 crore for urban housing reaffirms the government’s commitment to ‘Housing for All,’ which will provide a significant boost to real estate development.”
The budget’s emphasis on industrial growth is also expected to drive demand for commercial and residential real estate. Dhaval Ajmera, Secretary of CREDAI-MCHI, highlighted the importance of the ‘Make in Maharashtra’ policy and projected investments of ₹40 lakh crore over the next five years. “The budget’s emphasis on industrial development, transport infrastructure, and housing will unlock new opportunities for real estate and allied sectors. The government’s focus on streamlining policies, enhancing fiscal discipline, and ensuring timely project execution will bring greater stability and confidence to the sector,” he said.
Experts believe the government’s focus on capital investment and innovative financing models will lead to sustained economic stability. Nikunj Sanghvi, Treasurer of CREDAI-MCHI, noted, “A budget that prioritizes capital investment and fiscal responsibility is always a win for real estate and infrastructure. The commitment to rural and urban housing, road connectivity, and financing through models like Maha InvITs will drive long-term economic stability. With GST revenues witnessing steady growth and Maharashtra maintaining its lead in infrastructure spending, the real estate sector is poised for sustained expansion.”
With increased investments in housing and infrastructure, the Maharashtra budget is expected to strengthen the state’s real estate sector.
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