Shares of real estate companies were in focus with DLF, Puravankara, Kolte Patil Developers, Sunteck Realty and Ajmera Realty hitting their respective 52-week highs on Friday. All these stocks were up in the range of 5% to 15% on the BSE in intra-day deal.
At 01:13 PM; the S&P BSE Realty index, the largest gainer among sectoral indices, was up 4% at 2,370, as compared to 1% rise in the S&P BSE Sensex.
The Government on Thursday approved the enhancement of the carpet area of houses for the middle-income group (MIG) category under the Pradhan Mantri Awas Yojana- Urban (PMAY-U).
According to Agencies report, Under the MIG-I category, the carpet area of the houses has been enhanced from 90 sq.mtr to 120 sq.mtr, while under the MIG-II segment, it has been increased to 150 sq.mtr from the current 110 sq.mtr, Union minister Ravi Shankar Prasad told reporters while briefing them about the Union cabinet decisions.
An official said many people were not opting to buy houses under the scheme as the previous carpet area did not seem very attractive to them.
Now that the carpet area had been increased, more people would come forward to avail of the benefits, he said, adding that the Centre was expecting an enhanced expenditure of about Rs 1,000-1,200 crore because of the decision, added report. CLICK HERE TO READ FULL REPORT
Among the individual stocks, DLF hit a 52-week high of Rs 224, up 7%, extending its past three days 3.5% gain on the BSE.
On November 13, 2017, Singapore's sovereign wealth fund GIC had acquired 1.2 million shares of DLF through open market, increasing its stake in the company above 5%.
“GIC Private Limited on account of Government of Singapore (893,618 shares) and the Monetary Authority of Singapore (308,110 shares) had purchased a combined 1.2 million shares of DLF from the open market acquisition,” DLF said in a regulatory filing.
Prior to this share purchase, GIC’s holding in the company stood at 4.94% and has now reached 5.01%, it added.