ACTION PUNJAB NEWS Desk: On February 1, real estate stocks witnessed a decline as the Interim Budget 2024 did not feature any significant announcements for the sector. Prestige Estates Ltd faced a 2.24% drop, and other major losers at the BSE included Sobha Ltd (1.88%), Oberoi Realty (1.59%), and Godrej Properties (0.80%).

In contrast, Signature Global, a real estate firm specialising in affordable housing, experienced a 2.08% increase. Notably, Housing & Urban Development Corporation Ltd, engaged in government project housing, saw a remarkable 19.62% rise on the BSE, and NBCC also rose by 9.78%.

Finance Minister Nirmala Sitharaman, in her Budget 2024 speech, announced the launch of a housing scheme for the middle class to purchase or construct their own houses. Additionally, she highlighted the government’s commitment to the Pradhan Mantri Awas Yojana (Rural), stating that nearly 3 crore houses in rural India have been constructed, with plans to support the construction of 2 crore more houses under PMAY (Rural) in the next five years.

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Anuj Puri, Chairman of ANAROCK Group, commented, “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.”

Samantak Das, Chief Economist and Head of Research & REIS at JLL, noted that while the interim budget refrained from major announcements, it emphasized fiscal prudence with a fiscal deficit target of 5.1%, continuing to promote the growth agenda.

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(Inputs from agencies)