Shares of Housing & Urban Development Corporation Ltd (HUDCO) and NBCC India experienced a substantial surge, rising up to 16 percent each on February 2. This uptick came on the heels of Finance Minister Nirmala Sitharaman’s Budget 2024 speech, where she pledged the development of two crore houses over the next five years under the Pradhan Mantri Awas Yojana (PMAY) Grameen.
Addressing the nation, Sitharaman highlighted the resilience of PM Awas Yojana (Grameen) amidst the challenges posed by Covid. She emphasized that the implementation continued, nearing the target of three crore houses. The Finance Minister further announced the undertaking of an additional two crore houses in the next five years to accommodate the growing needs of families.
In a significant budgetary allocation, the Interim Budget 2024 earmarked Rs 80,671 crore for the Pradhan Mantri Awas Yojana (PMAY), indicating a substantial 49 percent increase from the revised estimate of Rs 54,103 crore in Budget 2023. As a result, investors responded positively, driving the stocks of HUDCO and NBCC India to notable gains as the government prioritizes housing development in its fiscal agenda.
