Eight realty stocks fell 0.21% to 5.09% at 13:08 IST on BSE, with the stocks sliding on profit taking after Arun Jaitley proposed to rationalise the capital gains regime for the sponsors exiting at the time of listing of the units of REITs and InvITs
Unitech (down 5.09%), Mahindra Lifespace Developers (down 4.12%), Indiabulls Real Estate (down 3.5%), Anant Raj (down 3.13%), Sobha (down 0.21%), Housing Development & Infrastructure (down 0.42%), Godrej Properties (down 0.65%), and Oberoi Realty (down 0.56%) edged lower. DLF (up 0.87%) and Prestige Estates Projects (up 1.93%) edged higher.
Meanwhile, the S&P BSE Sensex was down 84.86 points or 0.29% at 29,135.26.
Finance Minister Arun Jaitley in his first full-fledged Union Budget 2015-16 announced today, 28 February 2015 said that government proposes to rationalise the capital gains regime for the sponsors exiting at the time of listing of the units of Real Estate Investment Trusts (REITs) and Infrastructure Investments Trusts (InvITs), subject to payment of Securities Transaction Tax (STT). The rental income of REITs from their own assets will have pass through facility, Jaitley said.
Jaitley said that a step was taken in the last Budget to encourage REITs and InvITs by providing partial pass through to them. These collective investment vehicles have an important role to revive construction activity, Jaitley said. He further added that a large quantum of funds is locked up in various completed projects which need to be released to facilitate new infrastructure projects to take off.
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