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Shares of real estate companies were buzzing in trade on Saturday, February 1, 2025, as the sector outperformed in an otherwise volatile market. The Nifty Realty index surged 1.88 per cent in intra-day trade, driven by investor optimism after Finance Minister Nirmala Sitharaman announced a total Rs 96,777 crore allocation for urban development in her 2025 Budget speech.
Among the 10 constituent stocks of the Nifty Realty index, Prestige Estates Projects, Macrotech Developers, and Sobha climbed up to 9.65 per cent during intra-day deals on Saturday.
In her speech, the finance minister said that, building on the July Budget proposals, urban sector reforms related to governance, municipal services, urban land, and planning will be incentivised. Among other developments, an outlay of Rs 1.5 lakh crore, Sitharaman said, is proposed for 50-year interest-free loans to states for capital expenditure and incentives for reforms. "The government will set up an Urban Challenge Fund of Rs 1 lakh crore to implement the proposals for ‘Cities as Growth Hubs,’ ‘Creative Redevelopment of Cities,’ and ‘Water and Sanitation’ announced in the July Budget," she added. This fund will finance up to 25 per cent of the cost of bankable projects with a stipulation that at least 50 per cent of the cost is funded from bonds, bank loans, and PPPs.
Sitharaman further said that each infrastructure-related ministry will come up with a three-year pipeline of projects that can be implemented in PPP mode. "States will also be encouraged to do so and can seek support from the IIPDF (India Infrastructure Project Development Fund) scheme to prepare PPP proposals."
At around 1:06 PM on Saturday, out of 10 constituent stocks of the Nifty Realty Index, seven, including Prestige Estates Projects, Macrotech Developers, Sobha, Phoenix Mills, DLF, Oberoi Realty, and Raymond, were trading higher with gains of up to 6.68 per cent. Meanwhile, three index constituent stocks including Brigade Enterprises, Godrej Properties, and Mahindra Lifespace Developers, were trading lower with losses of up to 1.87 per cent.
Meanwhile, the benchmark equity indices were trading lower, with the Sensex down 335 points at 77,165 levels and the Nifty at 23,424.30, down 0.36 per cent.
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