Nifty Realty index closes 4% higher over possible sops

Mumbai: Listed real estate companies were back in favour on the streets amid expectation of big-ticket reform announcements by Finance Minister Nirmala Sitharaman later in the week.

The Nifty Realty index jumped over 4 per cent after Minister of State, Finance & Corporate Affairs, Anurag Thakur said that the government may make announcement for the realty sector in the coming days.

Consequently, the index finished highest among the 11 sectoral indices on the Nifty, with Oberoi Realty Ltd leading the pack with over 10 per cent gain. Godrej Properties Ltd, Sunteck Realty Ltd and DLF Ltd gained in the range of 3 to 6 per cent on Wednesday.

The real estate sector relief expected this week may include solutions for stalled housing projects for stressed home buyers where projects could not be completed due to funding issues, official sources told IANS.

There have been demands for a stress fund to deal with stalled projects and bail out lakhs of stuck home buyers from both home buyers and builders. There will be solutions on those lines, sources said without divulging if it would be Rs 10,000 crore stress fund as sought.