Nifty Realty index up by 3 per cent

Realty stocks extended their gains on Wednesday. The rally was led by HDIL which was up more than 6 per cent.

The continued rally in the realty stocks can be attributed to the government's backtracking from reforming the realty sector by introducing Aadhaar linkage to properties. The government on Tuesday clarified that there was no plan to make quoting Aadhaar number mandatory in property deals.

The Nifty Realty index was at 330.75, up by 3.12 per cent at 14:11 hours. Major realty stocks led by HDIL which was trading at Rs. 56.50 per share, up 6.60 per cent, DLF was at Rs. 247.10, 5.58 per cent, Indiabulls Real Estate was at Rs. 218.25, up 5.92 per cent.

Also in a new development on Tuesday, the finance ministry had sent notices to two companies including a Gurgaon-based real estate developer under the GST’s anti-profiteering mechanism. The realtor allegedly failed to pass on the benefits derived by applying GST rates to the final consumer.