While presenting the State Budget 2022-23 in the Assembly, Maharashtra Finance Minister and Deputy Chief Minister, Ajit Pawar has said that the state will be the first to have a $1 trillion economy. The highlights included the revenue deficit budget while announcing an amnesty scheme for Goods and Services Tax (GST) payees and a reduction of VAT on natural gas, among other tax concessions. This move has been lauded by those in the real estate sector, as these were some of the suggestions that were presented last year by the industry with the objective to foster growth. Sandeep Runwal, President, NAREDCO Maharashtra and Managing Director, Runwal Group, welcomes the announcement by adding, “It will encourage people to come forward and pay the pending dues, which in turn will help increase the tax collection. Similarly, the proposal to waiver the Stamp Duty of 0.1 per cent on gold and silver imported in Maharashtra is a welcome move too, since it will have a direct and indirect impact on the real estate sector.” The real estate sector has been ailing for a long time and the state government has been taking several proactive measures to boost it. For instance, Maharashtra was one of the first states to announce the reduction in stamp duty during the COVID-19 period, which led to a phenomenal increase in sales of unsold inventory in the state of Maharashtra. Pritam Chivukula, Treasurer, CREDAI MCHI and Co-Founder and Director, Tridhaatu Realty, further states that the “real estate has – direct and indirect – 125 allied industries depending on it, like steel and cement among others. By coming out with these measures, the Government of Maharashtra is indirectly helping them as well. Real estate is one of the second largest employment generators in the country and contributes around 7 per cent to the GDP. Therefore, the announcements made by the state government this year are most welcome. In fact, it is the need of the hour.”