Indian realty stocks climb on govt help for stalled housing projects

Embassy Developments

07/11/2019 04:49

** India's realty stocks index  .NIFTYREAL  rises as much as
3.12% after government approved 100 bln rupees ($1.4 billion)
for a fund to help clear stalled housing projects  urn:newsml:reuters.com:*:nL3N27M48O
    ** Shares of Indiabulls Real Estate Ltd  INRL.NS , Sobha
 SOBH.NS , Prestige Estate Projects  PREG.NS  DLF Ltd  DLF.NS ,
Godrej Properties Ltd  GODR.NS , Oberoi Realty Ltd  OEBO.NS ,
Brigade Enterprises  BRIG.NS  rise 1.5-4.9%
    ** The real estate sector in India has been hit by a severe
liquidity crunch this year after a series of debt defaults by
non-banking finance companies, also known as shadow lenders
    ** The new fund, or special window, will help revive more
than 1,600 moribund housing projects, Finance Minister Nirmala
Sitharaman said late on Wednesday 
    ** India in February cut goods and services tax on sales of
residential properties under construction as the govt looks to
stimulate the economy by driving up consumption  urn:newsml:reuters.com:*:nL3N20J06Z
    ** The real estate stocks index is about 18% this year, as
of last close

 (Reporting by Nallur Sethuraman in Bengaluru)
 ((Sethuraman.NR@thomsonreuters.com; (Within U.S.
1-646-223-8780, Outside U.S. +91 8067496031); Reuters Messaging:
nallur.sethuraman.thomsonreuters.com@reuters.net))