Budget 2024 Updates: Housing Finance companies get ₹10 Lakh Crore allocation

23 Jul 2024 , 03:11 PM

Shares of Housing Finance Companies were under focus after Finance Minister Nirmala Sitharaman pledged three Crore new dwellings under the PM Awas Yojana in her Union Budget Speech today.

FM Nirmala Sitharaman stated that three Crore new dwellings have been announced under the PM Awas Yojana in both rural and urban areas of the country, and the requisite funds are being allocated for them.

The PM Awas Yojana Urban 2.0 would meet the housing needs of 1 Crore urban poor and middle-class families with an investment of ₹10 Lakh Crore.

The total amount would comprise ₹2.2 Lakh Crore in central support over the next five years, as well as interest subsidies to facilitate loans at affordable rates.

Following the budget speech, housing finance businesses’ shares fell by up to 6% on the BSE, with HUDCO plunging 6% to ₹306 and PNB Housing Finance losing 5% to ₹756.

Other home finance stocks dipped between 1-2.5%, including CanFin Homes, Indiabulls Home Finance, Aadhar Housing Finance, and Aptus Value Housing Finance.

The budget prioritises job creation, support for MSMEs, rural development, the green economy, low-income housing, and innovation. It effectively solved the job crisis through multiple employment.

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