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The housing boost in the interim budget holds significant market implications, particularly benefiting sectors such as cement, steel, and all segments related to construction, according to V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services. Finance Minister Nirmala Sitharaman, in her budget presentation, unveiled a scheme aimed at assisting deserving sections of the middle class residing in rented houses, slums, chawls, and unauthorised colonies to purchase or construct their own homes.
Despite the challenges posed by the COVID pandemic, Sitharaman highlighted the continued implementation of the PM Awas Yojana (Grameen) and the near accomplishment of the three crore house target. She further announced plans to construct two crore more houses in the next five years to meet the growing demand resulting from an increase in the number of families.
Anuj Puri, Chairman of Anarock Group, noted that the interim budget, as expected, did not feature major announcements but maintained its focus on infrastructure upgrades and nationwide connectivity. This emphasis is expected to foster real estate growth not only in the top cities but also in Tier 2 and Tier 3 cities across the country.
The government's scheme targeting middle-class individuals in rented houses, slums, chawls, and unauthorised colonies for home purchase or construction is likely to free up encroached areas like slums, facilitating easier redevelopment. Transit-oriented development in urban areas may stimulate housing demand in cities, leading to a potential rise in residential prices.
Puri also highlighted that the development of iconic tourist centres is expected to positively impact the hospitality sector, including hotels and restaurants. Additionally, the proposal to extend tax benefits to startups for another year may contribute to the rejuvenation of the office real estate sector.
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