Realty stock rises after Rs48,000cr will be allotted for FY23 for housing projects

1 Feb 2022 , 12:21 PM

On Tuesday, shares of realty stocks advanced sharply after Finance Minister Nirmala Sitharaman said in the Union Budget 2022-23 announcement that in PM housing scheme – Rs48,000cr will be allotted for FY23 for housing project and  80 Lakhs home will be built which is positive for the real-estate sector.

Reacting to the announcement, realty stocks surged 1% on Nifty paltform led by Oberoi Realty led the pack being top bull, zoomed around 3%. Brigade surges 2.6% with Sobha and DLF rose over 2% each to lead the gains.

In the announcement, Finance Minister also announced that the network of national highways in the country will grow by 25,000 km in 2022-23 to boost the growth and revive the sector after the Covid-19 and Omicron outbreak across the country. 

Homebuyer expectations from this budget are an increase in limits for deductions of interest, expanding the definition of affordable housing, and streamlined GST rates. Also, the government has introduced various liquidity schemes to make home-buying more lucrative in view of economy.