The Brihanmumbai Municipal Corporation (BMC) on Tuesday, January 16, invited suggestions from the public for upcoming budget 2024-25. The objective of this initiative is to ensure public participation in the budget that is still being prepared, the civil body said.
It is pertinent to note that for the second consecutive year, the BMC has invited suggestions regarding the budget in the absence of an elected body in the civic corporation.
The release also stated that citizens are being informed that the work for preparing the budget estimates for income and expenditure for the year 2024-25 is underway and that it is mandatory to present the budget estimates on or before February 5. For which, the citizens can send their suggestions to bmcbudget.suggestion@mcgm.gov.in till January 23.
It also states that citizens who want to send their suggestions by post should ensure that their letters reach 4 pm on January 23. Last year, the civil body presented a budget of INR 52,619.07 crore.
The real estate industry, a vital contributor to the economy and the second-largest employment generator, eagerly anticipates the 2024-25 budget announcements, which are expected to significantly influence its future.
The real estate sector expects the Government to take decisive actions in the upcoming budget to fortify not only the real estate market but the entire economy. These measures should aim at addressing critical issues, ensuring job creation, and sustaining growth momentum.
A major focal point for the Government continues to be affordable housing. “We suggest an increase in the cap for interest rate deduction under section 24(b) from INR 2-5 lakhs per annum. Additionally, there's a call to redefine the definition of affordable housing, proposing an increase in the cap from INR 45 lakh to INR 1 crore, particularly in metro cities. This change is expected to significantly boost both affordable and mid-segment housing," exclaimed Sandeep Runwal, President, NAREDCO Maharashtra.
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