Indian realty stocks climb after new home sales tax cut

Sunteck Realty

25/02/2019 06:27

** Shares of realty companies Indiabulls Real Estate Ltd
 INRL.NS , Godrej Properties Ltd  GODR.NS , Oberoi Realty Ltd
 OEBO.NS  and Sunteck Realty Ltd  SUNT.NS  rise 3.5-6.9 pct
    ** India on Sunday 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
    ** New rate will be 5 pct, down from 12 pct, on all new
housing projects except those classified as affordable housing 
    ** The rate cut is a "timely boost for the beleagured
sector", and under-construction project sales will see improved
traction, ICICI Securities said in a note on Sunday
    ** The residential sector in some parts of the country has
been dull following the failure of some property developers
    ** The Nifty Realty Index  .NIFTYREAL , which lost over 33
pct last year, rises as much as 2.8 pct to its highest since
Feb. 1
    ** Sunteck Realty, up as much as 6.9 pct, marks its sharpest
intraday gain since Nov. 14, while Oberoi Realty hits its
highest since June 14

 ((Reuters Messaging:
chris.thomas.thomsonreuters.com@reuters.net))