Mumbai:Realty stocks today rose by up to 7 per cent after a bill seeking to regulate the real estate sector, bring in transparency and help protect consumer interests was passed by Rajya Sabha.
Shares of D B Realty surged 6.9 per cent, Sobha zoomed 5.24 per cent, DLF (5 per cent) and Phoenix Mills (4.86 per cent) on BSE.
It is touted as a major reform measure to regulate the vast real estate sector and bring order to it.
Realty developers and consultants also hailed the passage of the regulatory bill in Rajya Sabha, saying the law will bring credibility to property business and protect consumers interest but felt that some of the provisions like imprisonment are harsh.
The new law would boost home buyer confidence as well as investment in the realty sector, they said.
"Everyone welcomes the bill. We respect the wisdom of Parliament. There are some provisions like imprisonment which are harsh and may be passage with the time they will be set right," DLF Chief Executive Rajeev Talwar told PTI.