Interim Budget 2024: No support from finance minister Nirmala Sitharaman, real estate stocks take a beating

Housing & Urban Development Corporation Ltd, which builds houses for government projects, bucked the trend, rising 19.62%. NBCC also surged 9.78%.

Updated on: Feb 1, 2024, 16:33:53 IST

By HT News Desk

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Real estate stocks took a beating on February 1 after the interim Budget 2024 did not include any big bang announcements on the sector.

Shares of Prestige Estates Ltd fell 2.24 per cent. Other top losers at the BSE included Sobha Ltd (1.88%), Oberoi Realty (1.59%), Godrej Properties also trading lower by 0.80% on Thursday.

However, stocks of Signature Global, the real estate firm that focuses on affordable housing were up by 2.08%.

Housing & Urban Development Corporation Ltd, which builds houses for government projects, was up by 19.62% on BSE on Thursday. NBCC was also up by 9.78%.

Budget announcement for middle class houses

The government will launch a housing scheme for middle class to buy or build their own houses, finance minister Nirmala Sitharaman said in her Budget 2024 speech on February 1.

Also Read: Real Estate Budget 2024: Govt to launch housing scheme for the middle class

On the Pradhan Mantri Awas Yojana (Rural), she said the government is close to achieving construction of 3 crore houses in India's rural areas and the government will support construction of 2 crore more houses in the next five years under PMAY (Rural).

“As anticipated, the Interim Budget 2024 made no big-bang announcements, but it continued its focus on infrastructure upgrades and building connectivity across the country. This will benefit real estate growth in not just the top cities but in Tier 2 and 3 cities across the country,” said Anuj Puri, chairman - ANAROCK Group.

Samantak Das, Chief Economist and Head of Research & REIS, India, JLL also said that the interim budget stopped short of making big bang announcements but focused on fiscal prudence keeping fiscal deficit target at 5.1%. It however, continued to push the growth agenda.

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