BackRealty stocks take a hit as opposition stalls real estate bill
DLF loses 5.31%, Unitech down 8.68, Indiabulls Real Estate 7.61%, HDIL drops 10.13% and Sobha falls 1.44%
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Mumbai: Shares of real estate companies were hit hard on Wednesday as the Real Estate (Amendment) Bill and the Constitution (122nd Amendment) (GST) Bill 2014 were stalled by the Congress-led opposition in the Rajya Sabha where the ruling party lacks a majority.
DLF Ltd lost 5.31% to ₹ 131.90, Unitech Ltd lost 8.68% to ₹ 14.20, Indiabulls Real Estate shed 7.61% to ₹ 55.25, Housing Development and Infrastructure Ltd (HDIL) dropped 10.13% to ₹ 110.05 and Sobha Ltd lost 1.44% to ₹ 418.
The real estate bill, which has been in the works for the last seven years or so, was introduced in 2013 and finally approved by the Union government on 7 April.
Political analysts say that the deferment of the real estate bill, lack of progress on the land acquisition bill, which the Congress has described as anti-farmer, and uncertainty over the passage of the goods and servies tax (GST) bill in the current session raises questions about the legislative productivity of Parliament, despite the fact that the Bharatiya Janata Party (BJP)-led National Democratic Alliance (NDA) received a commanding majority in last year’s general elections.
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