Anant Raj

Realty stocks slip on stringent penalties in Reality Bill

Realty stocks slip on stringent penalties in Reality Bill

Stocks in real estate companies suffered notable declines in early trade on Wednesday after the Union Cabinet approved the Realty Bill that proposes stringent penalties on scheming developers to protect buyers.

The Union Cabinet late Tuesday approved the Real Estate (Regulation and Development) Bill, paving way for the establishment of a regulator for the real estate sector.

The Bill proposes to provide a uniform regulatory atmosphere to the reality sector, which has thus far remained unregulated.