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« Godrej Properties Plans IPO in Next Ten Months | Home | Interest Rate Subsidy for Mid-Segment Housing- FM »

Real Estate Companies Advanced In Early Trade Ahead of RBI policy

Shares of real estate companies advanced in early trade on the bourses ahead of the RBI quarterly monitory policy review on Tuesday, led by Unitech which surged nearly 5 per cent after the government provided interest subsidy on home loans. Shares of Unitech opened firm on the bourses and gained further ground surging to a high of Rs 92.10, up 4.70 per cent over previous close. Country’s largest real estate developer DLF gained 4 per cent to a high of Rs 428.50 and Indiabulls Real Estate was up 2.06 per cent to Rs 243.

Mirroring the gains in the sector scrip, the 14-share BSE realty index rose 3.30 per cent to 4,037.62 points. RBI in its quarterly monetary policy today is unlikely to tinker with key rates, as either a reduction or increase in rates would disturb the optimum level of liquidity. Explaining the uptrend, marketmen said Pranab Mukherjee’s yesterday’s announcement to support lower and middle income housing was a major boost for this segment. The RBI policy scheduled to be unveiled today has also boosted the sector.

Finance Minister Pranab Mukherjee yesterday said lower and middle income housing deserves to be supported and announced a slew of concessions, including one per cent interest subsidy for lower and middle income housing loans. Other major gainers on the index include Omaxe (2.17 per cent), Ansal Infra (4.53 per cent), HDIL (3.21 per cent) and Parsvnath (2 per cent).

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