Shares of real estate companies gained handsomely in the last hour of trade today with all but two of the constituents of realty index on the NSE closing in the green. The leader of the pack was Indiabulls Real Estate Ltd, which gained as much as 5.45 per cent in the last 60 minutes. Oberoi Realty Ltd and Unitech Ltd were the only two stocks that ended the day in the negative.
But these gains were not limited to only the last hour of trading as shares of Indiabulls Real Estate Ltd gained 6.54 per cent during the entire day to close at Rs 12.15; Delta Corp Ltd up 3.19 per cent to Rs 166.80; Housing Development and Infrastructure Ltd up 2.85 per cent to Rs 91.95; DLF up 2.80 per cent to Rs 192.90; The Phoenix Mills Ltd up 2.22 per cent to Rs 460.00; Prestige Estates Projects Ltd up 1.43 per cent to Rs 268.70; Godrej Properties Ltd up 0.80 per cent to Rs 555.90; and Sobha Ltd up 0.14% at Rs 380.00. Unitech Ltd, on the other hand, closed 0.1% down at Rs 5.05 while Oberoi Realty Ltd closed flat at Rs 377.30.
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As per the recently released list of exempted services under Goods and Services Tax (GST), rental income from residential properties used for residential purposes would continue to be exempted even under the GST regime. Also, Under the existing service tax legislation, renting of residential dwelling for use as a residence is included in the list of services on which service tax is not leviable, i.e. the negative list of services. So there will be no output tax on these services. However, the purchase of a residential property under GST regime is likely to attract 12% GST (being a summation of 6% Central GST and 6% State GST).