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

Prestige Estates Projects

07/08/2024 05:12

** 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 had slid ~9% in 10
sessions since new rule was made mandatory in budget on July 23
    ** The 2-day rally cuts losses since budget day to ~7%,
while the benchmark Nifty 50  .NSEI  has dropped ~1%
    ** All 10 realty index members trading higher on the day,
led by DLF's  DLF.NS  2.7% increase

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