India's Nifty realty index extends gains after property tax rules eased

Lodha Developers

07/08/2024 10:38

(Updates)
    ** India's Nifty realty index  .NIFTYREAL  adds ~1.5%,
extends gains into second straight session
    ** India eases new property tax rules to now allow
individuals to also opt for property sales with indexation
benefits, or for new rule of sales without indexation benefits
    ** Before the 2-day rally, realty stocks slid ~9% in 10
sessions since new rule was made mandatory in budget on July 23
    ** The rally cuts losses since budget day to ~7%, while
benchmark Nifty 50  .NSEI  has dropped ~1%
    ** All 10 realty index members trading higher, led by DLF's
 DLF.NS  2.7% increase
    ** "Move offers flexibility to property sellers and is
likely to stimulate investment and sales in the housing market
by potentially reducing the tax burden on sellers," says Shishir
Baijal, chairman and managing director at Knight Frank India

 (Reporting by Hritam Mukherjee and Bharath Rajeswaran in
Bengaluru)
 ((Hritam.Mukherjee@thomsonreuters.com;))