Realty stocks in limelight, gain up to 7 pc

Realty stocks today gained up to 7 per cent after the Karnataka cabinet approved rules under the new real estate regulation act that aims to protect home buyers.
Shares of Prestige Estates Projects surged 6.93 per cent, Unitech soared 4.49 per cent and Sobha Ltd rose by 3.79 per cent on BSE.
DLF went up by 1.90 per cent, Omaxe (0.91 per cent), HDIL (0.87 per cent), Godrej Properties (0.69 per cent) and Oberoi Realty (0.16 per cent).
The BSE realty index rose by 1.57 per cent to end at 2,124.96.
Two months after missing the deadline, Karnataka cabinet yesterday approved rules under the new real estate regulation act that aims to protect home buyers.

The Real Estate (Regulation & Development) Act, 2016, which seeks to protect home buyers from unscrupulous developers, came into effect in the country from May 1.