 "Real estate stocks shine in trade after Cabinet defers decision on regulator")
Mumbai: Real estate stocks gained as much as 9 percent today after the Cabinet deferred a decision on setting up a regulator for the sector.
Shares of DB Realty jumped 8.99 per cent, while HDIL surged 5.96 percent on the BSE.
Unitech rose by 4.9 per cent, while Anant Raj Ltd climbed 4.42 percent and DLF by 3.99 percent.
The BSE realty index was trading with a gain of 2.08 percent at 1,505.05.
According to sources, the Cabinet yesterday discussed the Real Estate Development and Regulation Bill but deferred a decision on it.
The bill, which was introduced in the Rajya Sabha in August last year, seeks to protect home buyers from unscrupulous developers.
It was then referred to a Parliamentary Standing Committee, which had submitted its report in February.
The bill provides for mandatory registration of all projects, besides mandatory disclosure of information like details of promoters, layout plan, land status, schedule of execution, status of various approvals and carpet area.
Real estate developers have been opposing the proposed law, saying it does not cover all stakeholders, including the government authorities that give project approvals.
PTI