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Real estate stocks jumped as home buyers will get subsidy boost. Nifty realty index surged 2.6 per cent.
The Central Cabinet had on Thursday approved increase in carpet area of houses eligible for interest subsidy under the Credit Linked Subsidy Scheme (CLSS) for the middle income group under Pradhan Mantri Awas Yojana initiative.
Godrej Properties and Indiabulls Real Estate Ltd were up more than 4 per cent each, while Sobha Ltd, Prestige Estates and Brigade Enterprises Ltd rose over 3 per cent each. Puravankara and Kolte-Patil Developers rose over 12 per cent each.
The news is sentimentally positive. Companies in the affordable segment space could benefit from some tax benefits and credit-linked subsidy scheme, says Parikshit Kandpal, lead analyst, infrastructure and real estate, HDFC Securities.
Cement stocks such as Ambuja Cements Ltd and UltraTech Cement Ltd climbed over 1 per cent each on likely demand boost from the approval, analysts say.
Nifty realty index has risen about 83 per cent this year up to Thursday's close.
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