On February 1, real estate stocks suffered as a result of the interim Budget 2024’s lack of significant announcements pertaining to the industry.
Prestige Estates Ltd.’s stock dropped 2.24 percent. Other major losers at the BSE on Thursday included Godrej Properties, which was down 0.80%, Oberoi Realty, which was down 1.59%, and Sobha Ltd., which was down 1.88%.
Nonetheless, the affordable housing-focused real estate company Signature Global’s stock increased by 2.08%.
On the BSE on Thursday, Housing & Urban Development Corporation Ltd., a company that constructs homes for government projects, was up 19.62%. Additionally up 9.78% was NBCC.
In her Budget 2024 speech on February 1, Finance Minister Nirmala Sitharaman announced that the government will start a housing scheme to help the middle class buy or build their own homes.
Regarding the Pradhan Mantri Awas Yojana (Rural), she stated that the government is almost done building 3 crore houses in rural India and that it will fund the building of an additional 2 crore houses under PMAY (Rural) over the course of the next five years.
“As expected, the Interim Budget 2024 kept its focus on improving infrastructure and expanding connectivity across the nation while making no major announcements. This will help the country’s Tier 2 and Tier 3 cities as well as the top cities’ real estate growth, according to Anuj Puri, chairman of ANAROCK Group.
Also read: PM Modi Praises Interim Budget 2024: Promises Development and Opportunities for Young India
Chief Economist Samantak Das, Head of Research & REIS, India, JLL, added that the interim budget was cautious with money, focusing on maintaining the fiscal deficit target at 5.1% rather than making any major announcements. But it kept advancing the agenda for growth.
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