Real estate stocks got a boost on Thursday after sentiment turned upbeat with the Union Cabinet approval to the revised Real Estate Bill, 2015. (Photo: Reuters)
Most of real estate stocks got a boost on Thursday after sentiment turned upbeat with the Union Cabinet approval to the revised Real Estate (Regulation and Development) Bill, 2015. The passage of the Bill, which covers both residential and commercial real estate, could lead to a re-rating of the domestic real estate sector.
In the afternoon trade, the BSE Real Estate index was up 1.44 per cent at 1,296.70 (at 1.12 pm). Realty majors such as Phoenix Ltd was trading 5.79 per cent up at Rs 338.85. It was followed by Unitech (up 2.95 per cent), Prestige Estates Projects (up 2.81 per cent), NBCC (up 2.22 per cent) and Ashiana Housing (up 1.59 per cent).
The Union Cabinet on Wednesday approved various amendments to the contentious Real Estate bill, introducing provisions for depositing 70 per cent of the project cost by builders into an escrow account and punishment for violations of the proposed law, meeting key opposition demands.
Reaching out to the opposition, the Cabinet, in its meeting chaired by Prime Minister Narendra Modi, approved a string of amendments to the Real Estate (Regulation and Development) Bill, 2015, aimed at protecting the interest of the buyers and promoting investments in the sector while ensuring transparency.
(With agency inputs)
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