Realty stocks had gained on Monday, before the presentation of the Union Budget amid expectations that the Budget would hand out sops to the beleaguered sector. Deven Choksey, Managing Director, KR Choksey, pointed out that these realty players were expecting incentives and exemption limit to be extended for affordable housing loans which didn't happen." As a result, realty stocks started falling.
On Wednesday, the Realty index slipped around 9% as investors pushed sales. "Some FIIs were selling DLF and Unitech in the morning which led the index slip," said Anita Gandhi, Head-Instituitional Equity, Arihant Capital.
Unitech nose-dived 11% to Rs 70. Indiabulls Real Estate has shed 10% to Rs 192.
DLF tumbled 7.5% to Rs 294. Omaxe slipped 9% to Rs 85.
Ansal Infrastructure, Mahindra Life Spaces, Parsvnath Developers, Orbit Corporation, Anant Raj Industries, Akruti City and Peninsula Land declined 3-9.5% each.
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