Housing Finance stocks rose after the first Cabinet meeting of the Modi 3.0 government on Monday approved assistance to construct 3 crore additional rural and urban houses under Pradhan Mantri Awas Yojana (PMAY).
The stock of Homes First Finance rose 11.4% to an intraday high of Rs 963.
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Under PMAY, a total of 4.21 crore houses have been completed for eligible poor families under the housing schemes in the last 10 years.
The government is likely to build another two crore affordable houses in the next five years.
Housing Finance stocks rose after the first Cabinet meeting of the Modi 3.0 government on Monday approved assistance to construct 3 crore additional rural and urban houses under Pradhan Mantri Awas Yojana (PMAY).
In the Cabinet meeting, it was decided to assist 3 crore additional rural and urban households for the construction of houses, to meet the housing requirements arising out of the increase in the number of eligible families, said media reports.
The stock of Homes First Finance rose 11.4% to an intraday high of Rs 963. Those of Aavas Financiers surged 9.2% to hit a new 52-week high of Rs 1,894.
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Other housing Finance like PNB Housing, NBCC, GIC Housing Finance, and HUDCO rose in a range of 7.1% to 8.5%. To compare, the benchmark index Nifty 50 gave a return of 6% in the past five days.
Under PMAY, a total of 4.21 crore houses have been completed for eligible poor families under the housing schemes in the last 10 years. The government is likely to build another two crore affordable houses in the next five years.
