Shares of ten real estate companies rose by 1.22% to 4.01% at 10:15 ISt on BSE after the Rajya Sabha cleared Real Estate Bill, 2016.
The announcement was made by the government after market hours yesterday, 10 March 2016.Meanwhile, the BSE Sensex was up 173.58 points, or 0.7%, to 24,796.92.
DLF (up 4.01%), Phoenix Mills (up 2%), D B Realty (up 3,75%), Sobha (up 3.09%), Indiabulls Real Estate (up 2.68%), Unitech (up 2.69%), NBCC (up 1.39%), Godrej Properties (up 1.22%), Housing Development & Infrastructure (HDIL) (up 2.81%), and Oberoi Realty (up 2.39%) edged higher.
Rajya Sabha approved the Real Estate (Regulation and Development) Bill, 2016 that seeks to protect the interests of the large number of aspiring house buyers while at the same time enhancing the credibility of construction industry by promoting transparency, accountability and efficiency in execution of projects. The Bill seeks to put in place an effective regulatory mechanism for orderly growth of the sector which is the second largest employer after agriculture.
The Bill requires project promoters to register their projects with the Regulatory Authorities disclosing project information including details of promoter, project including schedule of implementation, lay out plan, land status, status of approvals, agreements along with details of real estate agents, contractors, architects, structural engineers etc. The Bill enables the people meet their genuine aspirations of owning a house including those of urban poor by giving a fillip to affordable housing initiative under which the Government intends to enable construction of 2 crore by the year 2022 under Prime Minister's Awas Yojana (Urban).
The Bill will now be taken up by the Lok Sabha for passage to seal its fate.
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