HUDCO, NBCC shares jump over 8% after govt approves assistance for 3 crore more houses under PMAY
₹290. NBCC, which benefits from construction-related activities, experienced a similar spike of 8.4%, with shares touching ₹155.Also Read: Mint Quick Edit | The Modi 3.0 cabinet mantra of continuityPMAY aims to provide affordable housing to economically weaker sections (EWS), low-income groups (LIG), and middle-income groups (MIG) through financial assistance and subsidies for construction or renovation.
The move comes even as the government has launched a new housing scheme under PMAY (Urban) in the form of interest subvention for urban poor and middle-class people, which is set to end in December 2024. The new announcement is set to lead to a resumption of construction of homes under the older scheme, given that the government was aiming to complete homes already sanctioned, rather than sanctioning new ones.
So far, 11.8 million houses have been sanctioned under the scheme, of which 8.35 million have been completed, according to the website of the scheme.Also Read: Modi 3.0 cabinet's first decision: 30 mn more homes for the poorFurther, under PMAY (Gramin), which is under the rural development ministry, the government had set a target to construct 29.5 million houses by March 31, 2024. According to the ministry, as of November 2023, over 29.4 million houses had been sanctioned, of which 25 million had been completed.Both the housing schemes have been flagship welfare schemes of the government.
A total of 42.1 million houses have been completed for eligible poor families under the scheme in the last 10 years.Also Read: ‘New housing scheme to aid people in slums, rented homes, unregulated colonies’Both HUDCO and NBCC have delivered impressive multibagger returns over the past year. NBCC's share value has risen by 93% in
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