Shares of nine real estate developers rose by 0.11% to 2.46% at 14:06 IST on BSE on hopes of favorable announcements for the sector in the final Union Budget 2014-15 to be unveiled on 10 July 2014.
Indiabulls Real Estate (up 2.46%) Hubtown (up 2.34%), Oberoi Realty (up 2.27%), DLF (up 1.69%), Unitech (up 0.92%), D B Realty (up 0.84%), Parsvnath Developers (up 0.58%), Godrej Properties (up 0.75%) and HDIL (up 0.11%) edged higher.
The S&P BSE Realty index was up 1.09% at 2,121.53. It underperformed the Sensex, which was up 1.12% at 25,802.86.
The S&P BSE Realty index had outperformed the market over the past one month till 1 July 2014, rising 10.78% compared with 5.36% rise in the Sensex. The index also outperformed the market in past one quarter, gaining 44.14% as against Sensex's 13.68% rise.
Realty stocks edged higher on hopes of favorable announcements for the sector in the final Union Budget 2014-15 to be unveiled on 10 July 2014. There are expectations that the government will take steps towards providing the long awaited industry status to the real estate sector and provide boost to low cost housing in the final Union Budget 2014-15 to be unveiled on 10 July 2014. There are also expectations that the tax benefit with respect to interest payment on housing loans will be raised. At present, a maximum deduction of Rs 1.5 lakh is allowed on taxable income towards interest on housing loan.
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