Real estate stocks traded on a positive note on Thursday following the Maharashtra government slashed the premium on the building of realty projects by 50 per cent till December 31, 2021.

The reduction below the Development Control and Promotion Regulation 2034 would be applicable to all ongoing and new projects.

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Around 12.25 pm, shares of Indiabulls Real Estate had been trading on the BSE at Rs 84, larger by Rs 5.55 or 7.07 per cent from its preceding close.

Godrej Properties’ shares had been trading at Rs 1,477.95, larger by Rs 17.20 or 1.18 per cent from its preceding close.

Shares of Oberoi Realty had been trading 2.15 per cent larger at Rs 599.70.

Sunteck Realty shares on the BSE had been at Rs 360.05, larger by Rs 12.25 or 3.52 per cent from its preceding close.

The most recent move by the Maharashtra government is probably to give a important enhance to the pandemic-hit realty sector in the state.

Siva Krishnan, Managing Director and India Head, Residential Services, JLL India, mentioned: “This move will help reduce the landed cost for developers, thereby rationalising the cost and reducing the burden on customers. It is expected to further trigger the recovery of the residential real estate market which has seen a good uptick in the last two quarters due to factors like lower interest rates, and pro-active measures from the government like stamp duty reduction.”

He noted that the most recent moves, coupled with the ongoing measures, will go a lengthy way in enticing each finish-customers and investors back to the residential industry.

“The country’s residential sector is already seeing an acceleration in sales, leading to a fast-paced recovery from the impact of the pandemic,” Krishnan mentioned.

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