Realty stocks jump 3% after govt hikes PM Awas Yojana outlay by 66% to Rs 79,000 cr

Shares of real estate companies on Wednesday jumped nearly 3 per cent after Finance Minister Nirmala Sitharaman announced increasing PM Awas Yojana (PMAY) outlay by 66 per cent to Rs 79,000 crore for the next fiscal year.

Macrotech jumped 2.58 per cent at Rs 1,048.05 per scrip in the morning trade on the BSE, Sobha gained 2.11 per cent at Rs 610 apiece, Oberoi Realty went up 1.19 per cent at Rs 831 per share, DLF 0.25 per cent.

However, shares of Sunteck Realty and Indiabulls Real Estate defied the trend and declined 4.05 per cent and 0.21 per cent respectively on the BSE.

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The realty index was trading 1.24 per cent higher.

In her budget speech, the minister said in 2023-24, PM Awas Yojana outlay has been hiked by 66 pc to Rs 79,000 crore.

Presenting the Union Budget 2023-24, she said states and cities will be encouraged to take up urban planning.

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She also said that the Union government will create an Urban Infrastructure Development Fund on the lines of the Rural Infrastructure Development Fund and it will be managed by the National Housing Bank.

The central government will spend Rs 10,000 crore per year for urban infrastructure development funds.

All cities and towns will be enabled for 100 per cent transition of sewers and septic tanks from manhole to machine hole mode, the minister added.