Governor Ch Vidyasagar Rao and Chief Minister Devendra Fadnavis attended the event.
On the occasion, the Governor announced the launch of Maharashtra Real Estate Regulatory Authority 'Maha-RERA' under which housing projects in the state will be registered.
He said the new Act will make the process of buying and selling of houses transparent, trusted and accountable.
Union Minister of State for Social Justice Ramdas Athawale, diplomats from various countries, senior officers of the armed forces, serving and retired government officers and citizens were present.
The Governor unfurled the national flag, inspected the ceremonial parade and accepted salute presented by the marching contingents.
Under the Jalayukta Shivar Abhiyan launched by the state government to tackle water scarcity, over 2.5 lakh works had been completed and that 12 lakh thousand cubic meters of water storage potential has been created, Rao said.
Around 11,000 villages in Maharashtra had become drought-free by conserving water in village watershed, he said.
About Rs 33115 crore crop loan was disbursed to over 48 lakh farmers in the state, the Governor said. Crop loans of 6.85 lakh farmers were restructured, he added.
Altogether 225 cities and towns in Maharashtra have been declared 'Open Defecation Free', he said, adding the entire urban Maharashtra will become 'Open Defecation Free' by 2nd October this year.
All new legislation and amendments will be made available in Marathi language, he said. The government wants to increase use of Marathi language in judiciary, he added.
Year 2017 is being celebrated as 'Visit Maharashtra' year, he said.
The Governor also attended the Maharashtra Day celebrations organized by Mumbai Mayor Vishwanath Mahadeshwar at the Mayor's bungalow.
Mr Fadnavis also offered floral tributes to martyrs at the Hutatma Smarak in South Mumbai.
Maharashtra was formed on May 1, 1960. Each year Maharashtra Day is commemorated with a parade at Shivaji Park in Dadar where the Governor gives a speech. The State Reserve Police Force (SRPF), Mumbai Police and Home Guards personnel take part in this parade.