Real estate stocks trade weak after SC stays construction in some states

Shares of real estate companies were trading lower by up to 3% in an otherwise range-bound market after the Supreme Court stayed construction in some states and union territories (UTs) till they frame policy on waste management.

Sunteck Realty, DLF, Indiabulls Real State, Mahindra Lifespace Developers, Ajmera Realty, Puravankara and Kolte Patil Developers were trading lower in the range of 1% to 3% on the BSE. Oberoi Realty and Godrej Properties, however, were trading higher by 3% and 1%, respectively.

At 11:03 am; the S&P BSE Realty index, the largest loser among sectoral indices, was down 0.62% as compared to 0.21% rise in the benchmark S&P BSE Sensex.

“The Supreme Court on Friday castigated some states and union territories for "pathetic" attitude in not framing proper policy on solid waste management and stayed further constructions there till they brought it out,” the PTI report suggested. CLICK HERE TO READ FULL REPORT