Realty stocks plunge 4 pc post budget

NEW DELHI: Shares of real estate companies plunged 4 per cent on Wednesday after Finance Minister Nirmala Sitharaman announced increasing PM Awas Yojana (PMAY) outlay by 66 per cent to Rs 79,000 crore for the next fiscal year.

Shares of Sunteck Realty plummeted 5.67 per cent to close at Rs 345 per share on the NSE, while Indiabulls Real Estate tumbled 3.81 per cent to end at Rs 69.50 apiece.

Among other realty stocks, DLF dived 2.85 per cent, Prestige Estates Projects went lower by 2.39 per cent, Sobha declined 1.94 per cent and shares of Godrej Properties were down 1.88 per cent and scrip of Oberoi Realty fell 0.11 per cent.

Meanwhile, shares of Macrotech Developers defied the downtrend and settle at Rs 1,032.75 per share, higher by 1.02 per cent on the NSE.

In the broader market, the 30-share BSE Sensex gained 158.18 points or 0.27 per cent higher to settle at 59,708.08, while NSE's Nifty fell 45.85 points or 0.26 per cent lower to end at 17,616.30 on Wednesday.

In her budget speech, the minister said in 2023-24, PM Awas Yojana outlay has been hiked by 66 pc to Rs 79,000 crore.

Presenting the Union Budget 2023-24, she said states and cities will be encouraged to take up urban planning.

She also said that the Union government will create an Urban Infrastructure Development Fund on the lines of the Rural Infrastructure Development Fund and it will be managed by the National Housing Bank.

The central government will spend Rs 10,000 crore per year for urban infrastructure development funds.

All cities and towns will be enabled for 100 per cent transition of sewers and septic tanks from manhole to machine hole mode, the minister added.