Shares of 10 realty firms rose by 0.17% to 2.21% at 9:55 IST on BSE after the Union Cabinet yesterday, 17 June 2015, gave its approval for the National Mission for Urban Housing.
Godrej Properties (up 2.21%), Anant Raj (up 1.97%), Peninsula Land (up 1.52%), Housing Development and Infrastructure (HDIL) (up 1.39%), Unitech (up 0.92%), Prestige Estates Projects (up 0.69%), D B Realty (up 0.66%), Phoenix Mills (up 0.21%), Sobha (up 0.20%) and Sunteck Realty (up 0.17%), edged higher. DLF (down 0.37%) and Oberoi Realty (down 1.56%), edged lower.
The S&P BSE Realty index was up 0.44% at 1,371.32. It underperformed the Sensex, which was up 0.93% at 27,082.96.
The S&P BSE Realty index had underperformed the market over the past one month till 17 June 2015, sliding 11.41% compared with 1.80% fall in the Sensex. The index had also underperformed the market in past one quarter, falling 22.73% as against Sensex's 6.62% fall.
A central grant of Rs 1 lakh per house, on an average, will be available under the slum rehabilitation programme. A state government would have flexibility in deploying this slum rehabilitation grant to any slum rehabilitation project taken for development using land as a resource for providing houses to slum dwellers. The slum rehabilitation projects can be undertaken with participation of private developers using land as a resource.
Under the Credit Linked Interest Subsidy component, interest subsidy of 6.5% on housing loans availed upto a tenure of 15 years will be provided to EWS/LIG categories, wherein the subsidy pay-out on NPV basis would be about Rs 2.3 lakh per house for both the categories. Central assistance at the rate of Rs 1.5 lakh per house for EWS category will be provided under the Affordable Housing in Partnership and Beneficiary-led individual house construction or enhancement. State governments or their para statals like housing boards can take up project of affordable housing to avail the central government grant.
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