Maharashtra govt allots Rs. 2,216 crores for PMAY in its Budget 2018-19
The Maharashtra government presented its Budget for the fiscal year 2018-19 on Friday, March 9th. The state Finance Minister Sudhir Mungatiwar did not make any big announcements which could have major impact on the real estate sector. Allocations to infrastructure sector wasRs.10,828 crores. The PMAY saw an allocation of Rs. 2,216 crores along with Rs.1,316 crores to The Smart Cities Mission.
Commenting on the Budget, Shubika Bilkha, Business Head, Real Estate Management Institute (REMI) said, “The Maharashtra Budget echoed similar sentiments as the Central budget in its focus on the rural economy. This effectively puts the onus on raising additional funds for infrastructure and development on entities such as the MMRDA, CIDCO, etc to accomplish the urban rejuvenation targets.”
“The Smart Cities Mission saw an allocation of Rs.1,316 crores for the development of the Smart Cities of Pune, Kalyan-Dombivali, Nashik, Thane, which indicated the Government’s ongoing commitment towards the SCM. However, the budgetary announcement was also supplemented by an additional announcement from the CM that very morning that highlighted how Pune would probably not be a Smart City by 2019 and that there was a longer gestation period for it to be a Smart City. The PMAY saw an allocation of Rs. 2,216 crores, however the real estate sector in India, one of the states key revenue generators, saw little by way of policy announcements and allocations,” she added.