Shares of 15 real estate firms rose by 0.58% to 13.09% at 15:15 IST on BSE on hopes that market regulator will relax rules for investment in real estate investment trust.
Unitech (up 13.09%), Housing Development and Infrastructure (HDIL) (up 7.36%), Sobha (up 5.05%), Oberoi Realty (up 4.57%), D B Realty (up 4.40%), Peninsula Land (up 4.24%), Anant Raj (up 3.55%), Indiabulls Real Estate (up 3.36%), DLF (up 3.13%), Sunteck Realty (up 2.47%), Parsvnath Developers (up 1.89%), Mahindra Lifespace Developers (up 1.14%), Prestige Estates Projects (up 0.79%), Godrej Properties (up 0.78%) and Omaxe (up 0.58%), edgd higher. Phoenix Mills was down 1.02%.
The BSE Realty index was up 3.38% at 1,474.57. It outperformed the BSE Sensex, which was up 0.49% at 26,654.29.
The BSE Realty index had underperformed the market over the past one month till 16 June 2016, rising 2.03% compared with 3.19% rise in the Sensex. The index had, however, outperformed the market in past one quarter, rising 20.83% as against Sensex's 6.30% rise.
The Securities and Exchange Board of India (Sebi) reportedly holds a board meeting today, 17 June 2016. According to reports, the Sebi board is likely to examine a proposal to make Real Estate Investment Trusts (REITs) more attractive to investors by allowing them to invest a large portion of funds in under-construction assets. Besides, REITs may be allowed to have a larger number of sponsors. Further, regulations regarding the minimum public offer size and related party transactions would also be considered, reports added.
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