AgenciesRelated
NEW DELHI: Real estate stocks, which were trading higher, cut gains tracking Finance Minister's Nirmala Sitharaman Budget speech.
In a boost to affordable housing, FM announced Rs 48,000 crore towards the Affordable Housing Scheme (PMAY). Besides, Rs 60,000 crore was allocated under the Har Ghar Nal program. Border villages on the Northern border will be covered under the new programme, the FM said.
More announcements were awaited at the time of filing this report.
The BSE Realty index, which hit a high of 3,895.96, fell to a low of 3,821.81 intraday. Later, it was trading 1.21 per cent higher at Rs 3,857.54.
Oberoi Realty was still trading 2.93 per cent higher at Rs 942. Sobha rose 2.6 per cent to Rs 870.
"PM housing scheme will see Rs 48,000 allocation in FY23 for housing projects. Some 80 lakhs homes will be built. The move is very positive for the real estate sector and companies like Sobha," said Yash Gupta- Equity Research Analyst, Angel One.
DLF, Lodha, Sun Teck and Indiabulls Real Estate were trading over 1 per cent higher. Godrej Properties and Prestige Estates were also trading higher.
Real estate sector was further eyeing sops such as relaxation in GST on under-construction properties, a reduction of GST on key raw materials, a higher interest exemption for homebuyers and above all, the long-awaited demand of granting 'infra' status to the sector.
Analysts were expecting the limit of home loan interest for tax rebate to be raised to Rs 5 lakh from Rs 2 lakh at present. They were expecting a reduction in the tax rate on capital gains.
In a boost to affordable housing, FM announced Rs 48,000 crore towards the Affordable Housing Scheme (PMAY). Besides, Rs 60,000 crore was allocated under the Har Ghar Nal program. Border villages on the Northern border will be covered under the new programme, the FM said.
More announcements were awaited at the time of filing this report.
The BSE Realty index, which hit a high of 3,895.96, fell to a low of 3,821.81 intraday. Later, it was trading 1.21 per cent higher at Rs 3,857.54.
Oberoi Realty was still trading 2.93 per cent higher at Rs 942. Sobha rose 2.6 per cent to Rs 870.
"PM housing scheme will see Rs 48,000 allocation in FY23 for housing projects. Some 80 lakhs homes will be built. The move is very positive for the real estate sector and companies like Sobha," said Yash Gupta- Equity Research Analyst, Angel One.
DLF, Lodha, Sun Teck and Indiabulls Real Estate were trading over 1 per cent higher. Godrej Properties and Prestige Estates were also trading higher.
Real estate sector was further eyeing sops such as relaxation in GST on under-construction properties, a reduction of GST on key raw materials, a higher interest exemption for homebuyers and above all, the long-awaited demand of granting 'infra' status to the sector.
Analysts were expecting the limit of home loan interest for tax rebate to be raised to Rs 5 lakh from Rs 2 lakh at present. They were expecting a reduction in the tax rate on capital gains.
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