Realty shares rise up to 3% as govt expects passage of Real Estate Bill in winter session

NEW DELHI: Shares of real estate companies rallied up to 3 per cent in Tuesday's trade on expectations that the government will push the amended Real Estate Bill in the winter session of Parliament. The BSE realty index gained about one per cent and was the top sectoral gainer.

Scrips of Ashiana Housing gained 3 per cent while that of Prestige Estate Projects climbed 2.6 per cent. DLF, Housing Development India and Pheonix Townships also traded higher by a per cent.

The government is gearing up to ensure the passage of the crucial Real Estate Bill, which is aimed at curbing malpractices in the sector and bringing transparency through a regulatory mechanism, a PTI report said.

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The Housing and Urban Poverty Alleviation (HUPA) Ministry accepted the amendments in the Real Estate (Development and Regulation) Bill, 2013, as suggested by the select committee of the Rajya Sabha, which includes parity in the interest payable by consumers and developers in case of a default by either.

The bill introduced by the erstwhile UPA government has been through two Parliamentary committees already and the government is of the view that it would be able to push through the bill in the winter session scheduled from November 26 till December 23.