Sunteck Realty zooms 19%, HDFC up 3% as Maharashtra govt cuts stamp duty

The temporary reduction in stamp duty will likely help support sales of Mumbai-centric players like Oberoi Realty, Godrej Properties and Sunteck Realty, said analysts at Kotak Institutional Equities

Maharashtra government's decision to cut stamp duty from 5 per cent to 2 per cent, and other levies for buying and selling of properties in urban and rural areas provided major fillip to realty counters such as Sunteck Realty, Oberoi Realty and Indiabulls Real Estate on the National Stock Exchange (NSE) on Thursday.

The state government has cut stamp duty rates from 5 per cent now to 2 per cent in urban areas of the state till December 31 and 3 per cent till March 31, 2021. Urban local body tax has been retained at 1 per cent. On the other