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Realty stocks in demand on likely booster dose

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Shares of 14 realty stocks rose from 0.12% to 4.95% after Finance Minister Nirmala Sitharaman signaled that the next round of reforms could target realty sector.

Indiabulls Real Estate (up 4.95%), Housing Development & Infrastructure (up 4.82%), Sobha (up 4.72%), Unitech (up 3.85%), RDB Realty & Infrastructure (up 3.81%), Godrej Properties (up 3.06%), Prestige Estates Projects (up 2.61%), Anant Raj (up 2.41%), Sunteck Realty (up 2.06%), DLF (up 1.90%), Oberoi Realty (up 1.07%), Peninsula Land (up 0.89%), Omaxe (up 0.22%) and The Phoenix Mills (up 0.12%) edged higher.

However, Mahindra Lifespace Developers (down 0.74%) and Parsvnath Developers (down 0.41%) edged lower.

Meanwhile, the S&P BSE Realty was up 2.08% at 2,094.15. It outperformed the Sensex, which was down 0.24% at 40,151.16.

The government is working closely with the Reserve Bank of India (RBI) to address issues faced by the sector, Sitharaman reportedly said at an event marking the silver jubilee celebration of the National Stock Exchange of India on Tuesday.

"Real estate sector requires a lot more attention because the sluggishness which prevails there has got to be addressed," she said. The government is very keen and is working very clearly together with Reserve Bank of India (RBI) to see how best we can make necessary tweaks to the existing blocks to help the people who are affected in this one sector which I have not really completely addressed till now," FM was quoted by the media as saying.

The finance minister reportedly added that alternative funds have approached the government with proposals to invest in the sector as long as there is some support mechanism available for reviving the real estate sector.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, November 06 2019. 11:46 IST