Maharashtra Budget: Govt Gives Massive Thrust To Affordable Housing, Infra
The Devendra Fadnavis-led state government of Maharashtra recently tabled the Interim Budget for the fiscal year 2019-20. The overall Budget outlay stood at Rs 99,000 crore for various projects and their implementation although the deficit is estimated to be Rs 19,784 crore.
So, what's in store for Maharashtra for 2019-20 fiscal?
Affordable housing
The Centre's ambitious project, the Pradhan Mantri Awas Yojana (PMAY) , received Rs 6,895 crore as funds to push the cause of affordable housing in the state. Additionally Rs 2,400 crore were earmarked for the Swacch Maharashtra, the Amrut Mission and the Smart Cities Mission.
Parth Mehta, MD, Paradigm Realty said, “2018-19 fiscal saw an allocation of Rs. 2,216 crores for PMAY along with Rs.1,316 crores to The Smart Cities. This year it was almost doubled to Rs. 6,895 crores in tandem with recent movements by GST council to reduce the GST rate to mere one per cent for affordable housing projects with units under the budget of Rs 45 lakh and carpet area of up to 60 square metre in metros.”
“Last year 40 per cent of new launches even in MMR region were in the affordable housing segment. This shall act as an impetus and bolster more affordable housing projects catering to the vision of housing for all by 2022,” he added.
Transport infrastructure
The State Transport Corporation that caters to about 67 lakh commuters every day received an approval of Rs 270 crore that would be utillised to modernise of 96 bus stands while procurement of buses have already been accelerated.
Another Rs 26 crore was also been allotted for the construct of jetties for waterways on ports in coastal areas under the Sagarmala Yojana.
Under the Mukhya Mantri Gram Sadak Yojana, a provision of Rs 2,164 crore was extended to create a network of roads in rural areas. On the other hand, Rs 3,700 crore was proposed for the development of roads through hybrid annuity basis. Overall, Rs 8,500 crore has been proposed for road development of which Rs 350 crore was proposed with NABARD’s assistance.
Metro expansion
The Mumbai Metro found a mention in the Budget when Maharashtra Finance Minister Sudhir Mungantiwar said that Mumbai’s Metro network would be extended to 276 km from the current 11.4 km. The Metro network would now be extended to the satellite towns of the Maximum City, including Thane, Mira-Bhayander, Vasai Virar, Kalyan-Dombivali and Bhiwandi.
Work on Pune and Nagpur Metro is also expected to be accelerated with funds allotted towards its development and planning, he informed.
Ease of accessing government services
Online services have helped citizens to a great extent while easing the load and congestion at government offices. This financial year, the Maharashtra government has also earmarked Rs 60 crore to enable online services of various government department for the convenience of citizens.
Water supply/electricity relief
The Maharashtra government will also fund five per cent of the electricity bills to operationalise non-functional rural as well as urban water supply schemes due to arrears of the electricity bills is drought-affected areas, finance minister informed.
Besides, provisions have been made for construction of homes for government servants, construction of gram panchayat building in villages with population less than 2,000 people, welfare schemes for women and children, health among others.