Mixed response by realty stocks on Budget Day
Noida: With limited benefits given out to the real estate sector in the Union Budget 2023, the stocks of realty players showed mixed response. While the shares of some of the realty companies went up in the range of 2-4 percent, the shares of other firms went down in the range of 2-5 percent.
The share price of DLF ltd went down by around 2 percent on Wednesday, closing at Rs 348.90 per share. The share price of Sunteck Realty Pvt Ltd tanked 5 percent to close at 343.30 per share.
On the other hand, the share price of Macrotech Developers jumped almost 1.5 percent to close at Rs 1036.45 per share on Wednesday.
The share price of Godrej Properties also went down by around 2 per cent to close at Rs 1155.35 per share.
The real estate companies were expecting more sops for the real estate sector. They were expecting that definition of affordable housing will be expanded to accommodate larger and slightly more expensive homes in the category. They were also expecting that home loan takers would be given more tax exemption to spur more growth in the sector.
However, the outlay for PM Awas Yojana has been enhanced by 66 percent to Rs 79,000 crore in the Union Budget 2023-24 presented today.
In the Budget 2022-23, the FM had proposed an allocation of Rs 48,000 crore towards the government initiative of Housing for All. The Government had promised 80 lakh houses will be completed for the identified eligible beneficiaries of PMAY, both rural and urban.