Maharashtra Assembly repeals ULCRA; realty stocks surge
Shares of realty developers having presence in Maharashtra shot up on reports that the Maharashtra Assembly has repealed the Urban Land Celing Regulation Act.
By INDIATIMES NEWS NETWORK |
MUMBAI: Shares of realty developers having presence in Maharashtra shot up on reports that the Maharashtra Assembly has repealed the Urban Land Celing Regulation Act.
“More land will now be free for development and prices may become affordable. It’s a good move for companies like Godrej, HDIL and Orbit Corporation who have exposure in Maharashtra,” Sailesh Kanani, sector analyst, Angel Stock Broking.
Bombay Dyeing, which holds huge land reserves, surged 5.58 per cent at Rs 705, Akruti City added 3.34 per cent to Rs 1,147.90, HDIL rose 5.01 per cent to Rs 796.25, Century Textiles advanced 4.78 per cent to Rs 1,158.50 and Orbit Corporation jumped 8.71 per cent to Rs 769.80.
Analysts say with the repeal, real estate development, which was largely limited to mill land till now, will speed up. It will also allow the state government to use funds from Jawaharlal Nehru National Urban Renewal Mission for development purpose.
“More land will now be free for development and prices may become affordable. It’s a good move for companies like Godrej, HDIL and Orbit Corporation who have exposure in Maharashtra,” Sailesh Kanani, sector analyst, Angel Stock Broking.
Bombay Dyeing, which holds huge land reserves, surged 5.58 per cent at Rs 705, Akruti City added 3.34 per cent to Rs 1,147.90, HDIL rose 5.01 per cent to Rs 796.25, Century Textiles advanced 4.78 per cent to Rs 1,158.50 and Orbit Corporation jumped 8.71 per cent to Rs 769.80.
Analysts say with the repeal, real estate development, which was largely limited to mill land till now, will speed up. It will also allow the state government to use funds from Jawaharlal Nehru National Urban Renewal Mission for development purpose.
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