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

Boost for Affordable Housing: PMAY Announces 3 Crore Additional Houses
Real Estate News:The Indian real estate and construction sector received a major boost on Wednesday after Prime Minister Narendra Modi's new cabinet announced the construction of 3 crore additional houses in rural and urban areas under the Pradhan Mantri Awas Yojana (PMAY). This move is expected to provide a significant fillip to the sector, which has been facing challenges in recent times.

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.

Related News Articles

MahaRERA to Conduct 5th Online Exam for Real Estate Agents on July 29th
Real Estate

MahaRERA to Conduct 5th Online Exam for Real Estate Agents on July 29th

MahaRERA is set to hold its 5th online exam for real estate agents on July 29th, with 5,260 candidates participating across 24 centers in Maharashtra.

July 22, 2024
Read Article
Raymond Lifestyle: A Promising Play on Indian Weddings, Textiles, and Exports
Real Estate

Raymond Lifestyle: A Promising Play on Indian Weddings, Textiles, and Exports

Raymond Lifestyle is set to list on stock exchanges in the first week of September, with market analysts expecting a strong growth trajectory driven by its apparel, textile, and export businesses.

August 27, 2024
Read Article
Indian Investors in Dubai Properties via Crypto, Hawala Under Tax Scrutiny
Real Estate

Indian Investors in Dubai Properties via Crypto, Hawala Under Tax Scrutiny

Real estate transactions in Dubai, known for their attractive payment plans, have attracted many Indian buyers. However, the Indian Income Tax Department is now scrutinizing these purchases, especially those made through unconventional methods like crypto

October 31, 2024
Read Article
Rexas Finance (RXS) to Revolutionize Real Estate Investment with Fractional Ownership
Real Estate

Rexas Finance (RXS) to Revolutionize Real Estate Investment with Fractional Ownership

Rexas Finance (RXS) is harnessing the power of blockchain to make real estate investment accessible to everyone. By enabling fractional ownership in the $300 trillion real estate market, RXS is breaking down traditional barriers to property investment.

December 2, 2024
Read Article
Amitabh Bachchan Sells Luxurious Oshiwara Duplex for ₹83 Crore, Earns 168% Profit
Real Estate Maharashtra

Amitabh Bachchan Sells Luxurious Oshiwara Duplex for ₹83 Crore, Earns 168% Profit

Bollywood veteran Amitabh Bachchan has made a significant real estate move by selling his luxurious duplex in Oshiwara, Maharashtra, for a staggering ₹83 crore, marking a 168% profit.

January 20, 2025
Read Article
How a Real Estate Rookie Hit the Jackpot with the Trump Card
Real Estate Mumbai

How a Real Estate Rookie Hit the Jackpot with the Trump Card

Discover how a newcomer to the real estate market made a fortune by leveraging the Trump brand in a high-profile project co-developed by Tribeca Developers and M3M Group in Mumbai.

March 29, 2025
Read Article