Shares of
Indian real estate companies were down in early trade on stringent penalities
in the Real estate Bill aimed at organising & monitoring the sector.
The Union
Cabinet late recently (June 4, 2013)cleared the Real Estate Regulation and
Development Bill. The Bill is aimed to protect buyers from scheming developers
& usher transparency in the sector, unregulated until now.
Several in the
sector have opposed the Bill in the current form since it contains stringent
penalties and even a jail term for a maximum period of three years for
developers convicted of malpractice.
Anant Raj Ind
was down 2 %, HDIL eased 1.3 %, Parsvnath Developers slipped 1%, Prestige
Estates fell 2.5 %, Unitech was down 0.4 % and DLF Ltd was trading flat.
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