Shares of seven real estate companies rose 0.18% to 2.89% at 13:44 IST on BSE after Finance Minister Arun Jaitley was quoted as stating that there is a strong case to bring real estate sector under the ambit of the Goods and Services Tax.
Meanwhile, the S&P BSE Sensex was up 91.06 points or 0.29% at 31,925.05. The S&P BSE Realty index advanced 16.84 points or 0.81% at 2,106.21, outperforming the Sensex.
Oberoi Realty (up 2.89% at Rs 415), Indiabulls Real Estate (up 1.95% at Rs 219.65), Sobha (up 1.18% at Rs 426.20), Housing Development and Infrastructure (up 0.9% at Rs 55.75), Godrej Properties (up 0.49% at Rs 635.95%), Unitech (up 0.32% at Rs 6.33%) and DLF (up 0.18%) advanced. D B Realty (down 5.23%) and Prestige Estates Projects (down 1.73%) declined.
Finance Minister Arun Jaitley was quoted as stating that there was a strong case to bring the real estate sector under the ambit of the goods and services tax (GST), identifying it as the one sector where maximum amount of tax evasion takes place. The matter will be discussed in the next meeting of the GST, which will be held on 9 November, in Guwahati, Jaitley reportedly said, while delivering a lecture at Harvard University.
The S&P BSE Realty index had underperformed the market over the past one month till 11 October 2017, sliding 4.54% compared with the Sensex's 0.15% fall. The index had also underperformed the market over the past one quarter, declining 2.51% as against the Sensex's 0.27% rise. The scrip had, however, outperformed the market over the past one year, gaining 34.41% as against the Sensex's 13.36% rise.
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