Shares of real estate businesses fall 4% post Budget 2023

After Finance Minister Nirmala Sitharaman announced raising the PM Awas Yojana (PMAY) spending by 66% to Rs 79,000 crore for the upcoming fiscal year, shares of real estate businesses fell by 4% on last week.

Sunteck Realty shares plunged 5.67% to close at Rs 345 a share on the NSE and Indiabulls Real Estate shares fell 3.81% to close at Rs 69.50 per share. Other real estate companies including DLF which fell 2.85%, Prestige Estates Projects which fell 2.39%, Sobha which lost 1.94%, Godrej Properties which fell 1.88% and Oberoi Realty which was down by 0.11%.

Macrotech Developers' shares withstood the downward trend to close at Rs. 1,032.75 per share on the NSE, up 1.02 percent.

The 30-share BSE Sensex increased by 158.18 points or 0.27 percent to close at 59,708.08 on Wednesday while the NSE's Nifty decreased by 45.85 points or 0.26 percent to close at 17,616.30.

The minister stated in her budget statement that the PM Awas Yojana outlay has increased by 66 percent to Rs 79,000 crore for 2023–24. She stated that states and towns will be encouraged to pursue urban planning while presenting the Union Budget for 2023–24.

She added that the National Housing Bank will oversee the creation of an Urban Infrastructure Development Fund by the Union government which would be similar to the Rural Infrastructure Development Fund. The central government would allocate Rs 10,000 crore annually for the development of urban infrastructure.

The minister also said that 100% of cities and towns will be able to switch their septic tanks and sewers from manhole to machine hole mode.

Next (Sunteck Realty’s pre-sales grows by 12% YoY in Q3 FY 23)

Shares of real estate businesses fall 4% post Budget 2023

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