Realty Stocks Surge 7% After Tax Exemption on Self-Occupied Properties

New Delhi, Feb 1 (PTI) Stocks related to realty jumped more than 7 per cent on Saturday after the government announced that taxpayers can claim annual value of two self-occupied properties as "nil" without any condition.

The scrip of Phoenix Mills climbed 7.27 per cent to close at Rs 1,761.55 apiece, Macrotech Developers jumped 6.31 per cent to Rs 1,280, Prestige Estate Projects increased 5.03 per cent to Rs 1,431.50, and Sobha appreciated by 4.10 per cent to end at Rs 1,378.15.

In addition, Signature Global rose 2.78 per cent to finish at Rs 1,241.60 per piece, DLF advanced 2.10 per cent to Rs 760.75, Oberoi Realty increased 1.83 per cent to Rs 1,845.65 and Godrej Properties went up by 1.41 per cent to settle at Rs 2,362.35 apiece.

However, shares of Brigade Enterprises ended 0.83 per cent lower at Rs 1,160.35 per piece on the exchange.

The BSE Realty indice surged 264.15 points or 3.69 per cent to 7,414.74. The 30-share BSE benchmark eked out a marginal gain of 5.39 points or 0.01 per cent to settle at 77,505.96

The government on Saturday announced that taxpayers can claim annual value of two self-occupied properties as "nil" without any condition.

In her Budget speech, Finance Minister Nirmala Sitharaman said, "Presently taxpayers can claim the annual value of self-occupied properties as nil only on the fulfilment of certain conditions. Considering the difficulties faced by taxpayers, it is proposed to allow the benefit of two such self-occupied properties without any condition.