 "Realty shares under pressure; HDIL dips over 10% in two-days")
Shares of the real estate companies were under pressure, falling by up to 8% on the bourses in noon deal trade.
Housing Development and Infrastructure (HDIL), DB Realty, Indiabulls Real Estate, Unitech, Sobha, Omax, Anant Raj Industries, National Building Construction and Corporation (NBCC), Parsvnath Developers, Kolte-Patil Developers and DLF were down 1-8% on the National Stock Exchange (NSE).
At 1211 hours, CNX Realty index was down 2.4% compared with 0.53% declined in the benchmark CNX Nifty.
HDIL, the largest loser among the pack, was plunged 9% to Rs 99, extending its previous day’s nearly 5% fall on the NSE, after the Maharashtra government proposed to raise the rate of premium on grant of all additional floor space index (FSI) in Municipal Corporation and municipal council limits.
HDIL has been one of the city’s largest TDR (Transfer of Development Rights) generators.
The suggestion to recommend varied and area-wise FSI in Mumbai and MMR in its new Development Plan (DP) 2014-2034, is expected to address the critical issue of augmenting the housing stock in the metropolis in a very positive manner, said Mr. Sarang Wadhawan-VC & MD- HDIL.
However, the DP does not specify how areas closer to airport or railway stations can consume the full FSI, given there are height restrictions. Also the implementation of the new DP may take another three years, he adds.
Among the other individual stocks, Parsvnath Developers dipped 7% to Rs 20, followed by Indiabulls Real Estate (5% at Rs 67), Unitech (4% at Rs 18.50), Kolte-Patil Developers (3% at Rs 206) and Sobha (2% at Rs 423).
Housing Development and Infrastructure (HDIL), DB Realty, Indiabulls Real Estate, Unitech, Sobha, Omax, Anant Raj Industries, National Building Construction and Corporation (NBCC), Parsvnath Developers, Kolte-Patil Developers and DLF were down 1-8% on the National Stock Exchange (NSE).
At 1211 hours, CNX Realty index was down 2.4% compared with 0.53% declined in the benchmark CNX Nifty.
HDIL, the largest loser among the pack, was plunged 9% to Rs 99, extending its previous day’s nearly 5% fall on the NSE, after the Maharashtra government proposed to raise the rate of premium on grant of all additional floor space index (FSI) in Municipal Corporation and municipal council limits.
HDIL has been one of the city’s largest TDR (Transfer of Development Rights) generators.
The suggestion to recommend varied and area-wise FSI in Mumbai and MMR in its new Development Plan (DP) 2014-2034, is expected to address the critical issue of augmenting the housing stock in the metropolis in a very positive manner, said Mr. Sarang Wadhawan-VC & MD- HDIL.
However, the DP does not specify how areas closer to airport or railway stations can consume the full FSI, given there are height restrictions. Also the implementation of the new DP may take another three years, he adds.
Among the other individual stocks, Parsvnath Developers dipped 7% to Rs 20, followed by Indiabulls Real Estate (5% at Rs 67), Unitech (4% at Rs 18.50), Kolte-Patil Developers (3% at Rs 206) and Sobha (2% at Rs 423).