Reuters Market Eye – Shares in real-estate companies with sizeable exposure to Mumbai fell on Monday after newspaper Times of India reported the state government of Maharashtra was planning to increase stamp duties in the city by as much as 160 times for residential and commercial properties.
A real estate analyst with a Mumbai-based brokerage said “This will impact the investor sentiment and could have an adverse impact on demand for residential property in Mumbai,” adding the commercial property sector could also be impacted.
Housing Development and Infrastructure Ltd (HDIL.NS) was down 4.5 per cent, while DB Realty (DBRL.NS) dropped 4.8 per cent, and India bulls Real Estate (INRL.NS) lost 3.22 per cent.
