Realty stocks moved higher in morning trade on Friday after Rajya Sabha passed much-awaited Real Estate (Regulation and Development) Bill 2015 to regulate the sector. The law will bring credibility to property business and protect consumers interest.
Shares of D B Realty ended 2.58 per cent up, DLF (0.38 per cent up) and Phoenix Mills (1.75 per cent) on BSE.
Other real estate stocks were also trading in green. In the past one year, the Nifty Realty index tumbled nearly 33 per cent to 150 on March 10.
Rajeev Talwar, chief executive officer, DLF, said, “We welcome the passage of The Real Estate (Regulation and Development) Bill 2015. The setting up of the Real Estate Regulatory Authority will usher in much needed transparency and pave the way for implementation of standard practices across the sector. We believe that this Bill has the potential to transform our industry.”
Kolte Patil Developers and DB Realty shares were trading 8.73 per cent and 4.21 per cent up at Rs 119 and Rs 44.60, respectively.