Boost for Affordable Housing: PMAY Announces 3 Crore Additional Houses
Real estate and construction stocks surge after PMAY announcement, Godrej Properties and NCC see significant gains
Real EstateConstructionPmayHousingMarketReal Estate NewsJun 13, 2024
The news led to a surge in real estate and construction stocks, with shares of Godrej Properties, UltraTech Cement, Mahindra Lifespace, LIC Housing, ShreeCement, and NCC seeing significant gains. In the last five trading sessions, UltraTech Cement shot up nearly 10 per cent, Ambuja and Shree Cement each rallied 6 per cent, Godrej Properties soared 5 per cent, Mahindra Lifespace Jumped 9 per cent, LIC Housing shot up 11 per cent, and NCC soared nearly 10 per cent.
The broader market also saw buying interest, with the Sensex up 399 points or 0.52 per cent, at 76,855, and the Nifty up 134 points or 0.58 per cent, at 23,399.
Pradhan Mantri Awas Yojana (PMAY) is a housing scheme launched by the Government of India in 2015 with the aim of providing affordable housing to all by 2022. The scheme is divided into two components - Pradhan Mantri Awas Yojana (Urban) and Pradhan Mantri Awas Yojana (Rural).
Godrej Properties is a leading Indian real estate developer, known for its high-quality residential and commercial projects. UltraTech Cement is a leading cement manufacturer in India, with a strong presence in the domestic market. Mahindra Lifespace is a real estate and infrastructure development company, part of the Mahindra Group. LIC Housing is a leading housing finance company in India, providing affordable housing loans to individuals. ShreeCement is a leading cement manufacturer in India, with a strong presence in the domestic market. NCC is a leading construction company in India, with expertise in infrastructure development.
Frequently Asked Questions
What is Pradhan Mantri Awas Yojana (PMAY)?
Pradhan Mantri Awas Yojana (PMAY) is a housing scheme launched by the Government of India in 2015 with the aim of providing affordable housing to all by 2022.
What is the goal of PMAY?
The goal of PMAY is to provide affordable housing to all by 2022.
Which companies benefited from the PMAY announcement?
Companies such as Godrej Properties, UltraTech Cement, Mahindra Lifespace, LIC Housing, ShreeCement, and NCC saw significant gains in their stock prices after the PMAY announcement.
How did the broader market react to the PMAY announcement?
The broader market saw buying interest, with the Sensex up 399 points or 0.52 per cent, at 76,855, and the Nifty up 134 points or 0.58 per cent, at 23,399.
What is the significance of the PMAY announcement for the real estate sector?
The PMAY announcement is expected to provide a significant boost to the real estate sector, which has been facing challenges in recent times.
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