Maharashtra Budget
Maharashtra Budget 2023-24 Actuals 2024-25 BE 2024-25 RE
Roads and Bridges 34,977 37,898 44,104
Rural Development 17,667 23,782 26,697
Urban Development 23,875 22,759 32,047
Spending on roads
and bridges as a % of
the same period. total expenditure
2023-24 6.80%
2024-25 (BE) 6.30%
2024-25 (RE) 6.70%
2025-26 (BE) 5.50%
Avg of All States (BE) 4.30%
Mumbai Mumbai
As of 2023, the region accounts for 31.2% of Maharashtra’s GDP, and 20% of its population. It has a
per capita income of $5,248, which is 1.6X of the Maharashtra and 2.3X of the India average. This is the
result of concentration of high-productivity services jobs in MMR.
• The region has grown at 6.1% CAGR (FY12 - 20, real) historically, slower than India’s 6.6% CAGR over the same
Over the next seven years (by FY30), MMR can achieve a GDP of $300 billion (INR 25,00,000 crore), grow at 9 - 1
Affordable Housing Create three million affordable homes by FY30, including 2.2 million slum rehabilitations and
Planned Cities and Transit-oriented Development
Plan brownfield urbanisation (a total of 19 business districts, tourism hubs, new cities) in emerging areas
and intensive transit-oriented urban renewal of the existing city. (Estimated Impact: GVA increase
of $25 - 35 billion or INR 2,50,000 crore and 50,000 more jobs.)
Urban Infrastructure
Ensure world-class core and last-mile urban infrastructure. This includes essentials like metro rail and
other transport, roads, sewage and water, and less polluting alternatives. It also includes nine vital
Amenities for Liveability and Talent Attractions (ALTAs). (Estimated Impact: GVA increase of $4 - 5
billion or INR 37,000 crore and 0.3 million more jobs.)
The Mumbai Trans-Harbor Sea Link ( MTHL in short) is a 21.8 Km long bridge connecting Mumbai with Navi M
Authority (MMRDA) headed by deputy Chief Minister Eknath Shinde, approved the fiscal year 2025-26 b
₹35,151.14 crore of the total expenditure will be spent on the metro line extensions, new tunnels, coastal routes, regional wa
Around 10,966 crores are allocated to various Metro lines, including Line 2B: D.N. Nagar – Mandale, Line four: Wadala-Ka
Kalyan – Taloja. The big ticket projects are the Thane to Borivali tunnel with the allocation of ₹2,684, regional wat
The new projects initiated for the financial year 2025–26 are Line five metro extension, Line 10 Gaimukh to Shivaji Chowk
V
Private Projects
Sanghvi Realty, Mumbai's real estate developer, announced the launch of five new projects. The new high-end
Sanghvi Optima, Sanghvi Palazzo, and Sanghvi Crystal. These developments are set to redefine the city's luxury
Sanghvi Optima is an 18-storey development in the upscale Hindu Colony of Dadar, offering luxurious 2BHK and
this majestic tower provides unparalleled luxury with vibrant cityscapes and top-notch amenities.
DLF Ltd largest real estate developer has launched "Waterpark", a 900 crore luxury residential project in partne
authority (SRA) Scheme. The 5.18 acre project offer 416 high end apartments with DLF aiming for sales realisati
Arkade developers will redevelop three residential projects in Andheri west, Malad West, and Borivali west. The
of 5 acre generating a project turnover of 2,150 acre.
Nagpur
Reaffirmation of the rating assigned to bank facilities of Nagpur Municipal Corporation (NMC) continues to de
receipts (RR) accompanied by consistent revenue surplus (RS) reported by the corporation. NMC’s RRs witn
The Nagpur Smart and Sustainable City Development Corporation Limited received substantial central go
complemented by an additional ₹400 crore approved by former Chief Minister Devendra Fa
Automotive Square to
Kanhan River
Extension
A significant development in Phase 2 is the proposed 1.3 km extension from Automotive Square to Kanhan. This additional stretch will
metro station in Kanhan.
Key Features of the
Kanhan Extension:
New Station: 13th station Design Element: 500-metre
Cost Estimate: ₹300
Length: 1.3 km on the Kamptee-Kanhan steel girder viaduct across the
crore
corridor Kanhan River
Pune
Pune is undergoing major infrastructure development with several large-scale projects, including the Pune Ring Road. A major project to impr
Pune Metro Expansion:Pune Ring Road: Purandar International Airport:
Mula-Mutha Riverfront Project:
The Pune Metro is
A major project to improve Planned to serve as a new
undergoing expansion,
connectivity, the Ring commercial airport, this
which includes the An estimated INR 5,500 crore
Road's total cost has been project aims to improve ease
Hinjewadi–Shivajinagar Line project focused on developing the
revised to approximately of commute and boost the
and other corridors, with a Mula-Mutha Riverfront.
INR 42,711 crore (₹427.11 real estate market, as
total project cost around INR
billion). described in Square Yards.
11,420 crore.
Private Projects
Shapoorji Pallonji will develop 5 acre residential township in Pune with an estimated revenue of Rs 800 cr. The c
project "Vahana verdant" comprising 600 apartments.
Mumbai based real estate developer Keystone realtors also known as Rustomjee group plans to foray into Pune
township project. Recently, to expand into new cities company has bought a land packet in Pardi, Nagpur.
Godrej Properties’ new 14 acre acquisition could rake in Rs 4,200 crore. The land parcel is located near major co
land will comprise primarily premium group housing. The project will have a developable potential of ~ 3.7 milli
~Rs 4,200 crore.
3
Residential Commercial
Hyderabad 5 7
Mumbai 3 5 Hyderabad Mum
Pune 2 4
Nagpur 2 2.5
Note: The More the FSI the higher the building can be constructed, as per Development Control Regulations
Local muncipal and DCR bodies control the FSI
2025-26 BE % change from RE 24- 25 to BE 25-26
37,756 -14%
34,531 29%
21,884 -32%
Spending on rural development as a %
of total expenditure
2023-24 3.40%
2024-25 (BE) 3.90%
2024-25 (RE) 4.10%
2025-26 (BE) 5.00%
Avg of All States (BE) 5.10%
ation. It has a
verage. This is the
6.6% CAGR over the same period.
00,000 crore), grow at 9 - 10% real CAGR
on slum rehabilitations and 0.8 - 1 million affordable homes.
) in emerging areas
GVA increase
e metro rail and
des nine vital
ase of $4 - 5
ecting Mumbai with Navi Mumbai. The six-lane road bridge is touted to be the longest sea bridge in India. This cost 17k crore develope
d the fiscal year 2025-26 budget estimated at ₹40,187.41 crore on Friday (March 28, 2025). 87% of funds will be spent on infrastructur
s, coastal routes, regional water source development, and major urban infrastructure works.
andale, Line four: Wadala-Kasarvadavali ₹3,247.51, Line five: Thane-Kalyan, Line six: Swami Samarth Nagar – Kanjurmarg, Line nine: Dahisar to M
ation of ₹2,684, regional water source development (Surya, Kalu, Dherji Projects) worth ₹1,645, coastal connectivity underground tunnel for ₹1,813.
0 Gaimukh to Shivaji Chowk (Mira Road), Line 13: Shivaji Chowk to Virar, Line 14: Kanjurmarg to Badlapur, Railway Over Bridge (ROB) connecti
Vasai–Virar, Road development works in Alibag Taluka and more.
ojects. The new high-end developments are Sanghvi Aria, Sanghvi Sapphire,
redefine the city's luxury living standard.
ffering luxurious 2BHK and 3BHK deck apartments. Designed for modern living,
h amenities.
sidential project in partnership with Trident group under the slum rehabilitation
F aiming for sales realisation of around 2,300 crores.
est, and Borivali west. The project will have develop three townships in an area
tion (NMC) continues to derive strength from the sustained growth in revenue
rporation. NMC’s RRs witnessed a y-o-y growth of 14% in FY24 (over FY23).
eived substantial central government funding amounting to ₹741.63 crore,
Chief Minister Devendra Fadnavis from the state exchequer.
nhan. This additional stretch will include a steel girder bridge crossing the Kanhan River and a new
Kanhan.
Purpose: Enhance metro reach
to rural-urban fringe zones and
reduce congestion on NH-44
ng Road. A major project to improve connectivity, the Ring Road's total cost has been revised to approximately INR 42,711 crore ( ₹427.11 billion).
Pune-Bengaluru Expressway:
This project aims to provide a faster
link between Pune and Bengaluru
and is a significant investment in the
region.
evenue of Rs 800 cr. The companuy has launched 5 acre premium housing
up plans to foray into Pune real estate market exploring 100 acres for a
ket in Pardi, Nagpur.
el is located near major commercial hubs in Kharadi. The development on this
ble potential of ~ 3.7 million square feet with an estimated revenue potential of
FSI by City
7
5 5
4
3
2.5
2 2
Hyderabad Mumbai Pune Nagpur
Residential Commercial
nt Control Regulations
Budget Provisions 2025-26
Rs 9,448 crore has been allocated to district and other roads.
Rs 15,138 crore has been allocated to Pradhan Mantri Awas Yojana.
Rs 3,200 crore has been allocated towards assistance to ULBs under Maharashtra Nagarothan Mahaabhiyaan
to be the longest sea bridge in India. This cost 17k crore developed in 4 phases. Mumbai Metropolitan Region Development
day (March 28, 2025). 87% of funds will be spent on infrastructure projects, focusing on metro and road development.
ructure works.
n, Line six: Swami Samarth Nagar – Kanjurmarg, Line nine: Dahisar to Mira–Bhayandar and Line sevenA (Andheri to CSMIA), and Line 12:
ects) worth ₹1,645, coastal connectivity underground tunnel for ₹1,813.40, and the Uttan to Virar Coastal Project allocated ₹2,000.
Line 14: Kanjurmarg to Badlapur, Railway Over Bridge (ROB) connecting Mira Road East and West, roads, creek bridges, and ROBs across
Taluka and more.
vised to approximately INR 42,711 crore ( ₹427.11 billion).
2.5
pur
Telangana Budget
Maharashtra Budget 2023-24 Actuals 2024-25 BE 2024-25 RE 2025-26 BE % change f
Housing 432 7,903 1,480 12,744 761%
Rural Development 7,241 10,245 10,053 10,721 7%
Urban Development 4,093 10,670 8,685 12,731 47%
Hyderabad
HMDA Master Plan 2031.
The state also approved the Phase-II of the Hyderabad Metro project, with an investment of Rs 24,237 crore.
Funding and Project Details
The second phase will be implemented under a 50:50 joint venture between the Telangana and central governments, with an estimated c
Telangana Government: ₹7,313 crore (30%)
Central Government: ₹4,230 crore (18%)
Loans from international institutions like JICA, ADB, and NDB: ₹11,693 crore (48%)
Field surveys and cost assessments are underway for an additional 40 km corridor under Part B of Phase 2, connecting RGIA to Fourth C
Other initiatives and projects:
4lane bridge at Rs 360 crore at Mir Alam lake.
100 acres allocated for construction of new High Court complex
Rs 826 crore Approvals for developing six junctions around KBR Park
Private Projects
Realty firm Brigade Enterprises Ltd will invest around Rs 4,500 crore to develop an integrated 10-acre housing a
1 and premium office-retail spaces.
L&T Order News : The Buildings & Factories (B&F) vertical of Larsen & Toubro has secured a large order from th
Gateway Residences at Neopolis, Kokapet, Hyderabad: Comprising 2 luxury towers, the project will feature one
2 regulatory filing on March 21.
Bengaluru-based real estate developer Brigade Group has signed Joint Development Agreements (JDAs) for two
3 company said in a statement. for upcoming residential projects in Moti Nagar, Hyderabad—Brigade Citadel 2 an
Realty firm Aparna Constructions and Estates will invest over Rs 2,200 crore to develop a new luxury housing pr
4 Hyderabad
Zuari Infraworld India Limited (Zuari Infra), a wholly-owned subsidiary of Zuari Industries Limited, has signed a D
develop nine high-rise towers with 3 and 4 BHK apartments. The project has a saleable area of around 3.8 millio
5 exceeds ₹1,500 crore.
Budget Provisions 2025-26
Rs 7,927 crore allocated towards Indiramma housing scheme for urban and rural poor
Rs 1,773 crore allocated towards MGNREGS
Rs 2,654 crore allocated to GHMC for Hyderabad city innovative and transformative infrastructure.
vestment of Rs 24,237 crore. The phase, spanning 76.4 km, will also include the Old City.
ral governments, with an estimated cost of ₹ 24,269 crore. Contributions include:
hase 2, connecting RGIA to Fourth City (Skill University).
an integrated 10-acre housing and commercial project in Hyderabad to expand the business to encash strong demand for luxury hom
as secured a large order from the Brigade Group to construct residential and commercial towers in Hyderabad and Chennai. Brigade
wers, the project will feature one of the tallest buildings in Hyderabad, with configuration being 5B+G+57 floors, L&T informed in a
ment Agreements (JDAs) for two new residential projects in Hyderabad with an estimated revenue potential of over ₹970 crore, the
Hyderabad—Brigade Citadel 2 and Citadel 3, located in central Hyderabad's Moti Nagar.
develop a new luxury housing project in Hyderabad. The new project Aparna Moonstone which is located in Gopanpally Gachibowli
ndustries Limited, has signed a Development Management Agreement with Gangothri Developers. The residential project aims to
saleable area of around 3.8 million sq. ft. and a total development area of approximately 5.3 million sq. ft. The estimated project cost
and for luxury homes
Chennai. Brigade
informed in a
r ₹970 crore, the
pally Gachibowli
project aims to
ated project cost
Capital expenditure (latest
City
municipal / ULB figure)
BMC capex (FY 2025-26): ₹43,162
crore earmarked as capital
Mumbai (BMC / Maharashtra) expenditure in the BMC budget
statement for FY2025-26. (The Indian
Express, ETInfra.com)
GHMC total budget (FY 2025-26):
~₹8,340–8,440 crore (budget estimate
/ approved figures reported by press;
standing-committee approvals in late
Hyderabad (GHMC / Telangana)
2024/early 2025). (GHMC capex
component integrated in the budget
documents cited.) (Deccan Chronicle,
The Times of India)
PMC / region budgets (FY 2025-26):
Pune Municipal Corporation budget
~₹12,618.09 crore (PMC 2025-26
reported), Pimpri-Chinchwad (PCMC)
Pune (Pune Municipal Corporation / Citizen-centric budget ~₹6,256.39
PMRDA / PCMC) crore (PCMC FY2025-26). These
together indicate substantial capex
capacity across Pune metro
authorities. (Pune Mirror,
pcmcindia.gov.in)
NMC capex / municipal budgets (FY
2024-25 / 2025): Nagpur Municipal
Corporation budget documents for
2024-25 are published; recent project
Nagpur (NMC / Smart City) packages include Phase-V cement-
road project ~₹900 crore (announced
Aug 2025). See NMC budget PDFs for
expense heads. (nmcnagpur.gov.in,
The Times of India)
Construction growth (latest Urban development budget (city /
published) state allocation relevant to city)
City-level construction growth: no
single city-level % published in
municipal budget documents;
Maharashtra economy (state)
expected to grow ~7.3% (2024-25) —
Urban development (state level relevant to Mumbai): Maharashtra’s urban developme
state economic survey used as proxy
for macro momentum. (City-specific
construction % not found in public
municipal docs.) (The Indian Express,
S3WaaS)
Urban development budget: GHMC
Construction growth (Telangana, FY budget for FY2025-26 (₹8,340–8,440
2024-25): ~11.97% growth in crore) with planned town-planning
Telangana construction sector in receipts, state grants and central
FY2024-25 (Telangana government grants; GHMC expects large
statements / press). This is the best state/central grants included in
available regionally-relevant growth revenue side to support urban
figure for Hyderabad’s state. projects. (GHMC budget docs cited.)
(Telangana Today, The Hans India) (The New Indian Express, The Times of
India)
Urban development budget
Construction growth (city/region): No
(PMRDA / state projects):
single city-level % in municipal docs;
PMRDA/PMC/PCMC budgets and state
several industry reports and market
allocations include targeted road,
analyses show Pune-region residential
metro and urban projects; e.g.,
& commercial launches rising (reports
PMRDA road projects funded at
point to rising launches and higher
~₹4,503 crore for FY2025-26
under-construction projects).
(Hinjewadi/Pirangut road package
State/Mah. initiatives and national
mentioned). Also Union cabinet
investor MoUs (CapitaLand etc.) add
approval for Pune Metro Line-2
demand signals. (Construction Week
extension (see project approval). (The
Online, Reuters)
Times of India, The Economic Times)
Construction growth (city/region):
Nagpur smart-city program figures
show cumulative smart-city funding to Urban development budget: Smart
East Nagpur and smart projects Cities Mission + state & central grants
(NSSCDCL had received over ₹1,265 to NSSCDCL / NMC totalling ₹~1,265
crore in combined funding historically) crore (reported cumulative funding
— use Smart Cities Mission fund flows items) and municipal budget lines for
and NMC project pipelines as proxy roads/drainage in NMC budgets. (See
for sustained construction activity. NMC budget PDFs & recent press for
City-level construction growth % was project funding). (The Times of India,
not published in municipal budget Nagpur NMC)
summaries. (The Times of India,
Nagpur NMC)
Affordable housing budget (city / ULB Important announcements (policy /
/ specific line item if available) investment)
Affordable housing (city / state Important announcements:
items): no single line item for “BMC Maharashtra signed several large
affordable housing” explicitly in public MoUs/Mega-investor announcements
short articles; state budget/PRS (state level) including major real-
highlights urban housing / assistance estate / infrastructure investments
to ULBs and Maharashtra schemes. announced in mid-2025; state push
(Detailed scheme allocations appear in for new data-centre hubs and
full budget docs—refer PRS/state PDF industrial investments that will drive
for scheme splits). (PRS Legislative commercial construction demand.
Research, The Indian Express) (The Times of India, Reuters)
Important announcements: GHMC
increased budget for FY2025-26; State
statements show recovering real
Affordable housing: GHMC budget reportingestate
notedand
a cut
strong
in housing
construction
for poor from ₹500 crore to ₹300 crore in the FY2025-26 e
momentum — supportive to new
residential and commercial launches.
(Deccan Chronicle, The Times of India)
Affordable housing: Pune civic
Important announcements: Large
budgets reference housing initiatives
private investor commitments
but a clear single municipal line-item
(CapitaLand committing investments
for “affordable housing” split in press
covering Mumbai & Pune); Cabinet
summaries wasn’t located;
approval for Pune Metro extension
central/state PMAY allocations
(Union Cabinet). These are material
operate alongside ULB budgets —
for commercial/infrastructure
consult full municipal budget docs for
construction outlook. (Reuters, The
line-by-line. (Pune Mirror,
Economic Times)
pcmcindia.gov.in)
Affordable housing: Specific
standalone affordable-housing line
item for NMC not immediately visible
in press summaries; NMC budget PDFs
Important announcements: Smart City handover from NSSCDCL to NMC being implem
list expense heads — detailed scheme
allocations require line-by-line
extraction from the NMC budget PDF.
(nmcnagpur.gov.in, Nagpur NMC)
Major project announcements
(construction/infrastructure)
Major projects: BMC lists multiple
infrastructure programmes in its
Yearbook / budget including large
capital projects (drainage, roads,
metros & public works).
State/Mumbai-level large investments
(data centres, commercial projects)
announced via MoUs (see CapitaLand
& other investors). (MyBMC, Reuters)
Major projects: Continued allocation
for town-planning projects, regular
GHMC infrastructure works; industry
reports and registration activity
indicate strong pipeline of private
sector building projects in Hyderabad
(see Biltrax/industry reporting).
(Biltrax Media, A Biltrax Group
venture, Construction Week Online)
Major projects: Pune Metro Line-2
extension approved (₹3,626 crore),
PMRDA road packages (~₹4,503 crore)
and multiple private commercial
investments (CapitaLand investment
plan covering Pune). (The Economic
Times, The Times of India, Reuters)
Major projects: Cement-road Phase-V (~₹900 crore) announcement; ongoing Smart City projects (CCTV/command centre, are
