Realty Stocks Rally On Ordinance for Land Acquisition Law

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Realty stocks rallied sharply after the government approved an Ordinance for the Land Acquisition Law. Shares in Godrej Properties was up 13 per cent, while Sobha Gained 10 per cent and Phoenix also gained 7 per cent in trade. DLF and Unitech were the other gainers from the space.

Realty Stocks Rally On Ordinance for Land Acquisition Law
DLF: Quotes, News
BSE 113.30BSE Quote1.4 (1.24%)
NSE 113.10NSE Quote1.15 (1.02%)
The Government on Monday recommended promulgation of an ordinance making significant changes in the Land Acquisition Act including removal of consent clause for acquiring land for five areas of industrial corridors, PPP projects, rural infrastructure, affordable housing and defence.

Finance Minister Arun Jaitley said the government decided to relax certain provisions of the Act and add Section 10 A to the legislation keeping in the mind development needs of the society.

He said the mandatory "consent" clause and Social Impact Assessment (SIA) will not be applicable if the land is acquired for five purposes including national security, defence, rural infrastructure including electrification, industrial corridors and building social infrastructure including PPP where ownership of land continues to be vested with the government.

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Read more about: dlf, sobha
Story first published: Tuesday, December 30, 2014, 10:24 [IST]
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