The Nifty Realty index soared over 3 percent, led by gains in names such as Indiabulls Real Estate, DLF, Oberoi Realty Phoenix, Godrej Properties and Prestige Estates rose 1-6 percent.
Shares of real estate companies surged in trade on Friday as the government rolled out sops for the middle class and house-owners.
The Nifty Realty index soared over 3 percent, led by gains in names such as Indiabulls Real Estate, DLF, Oberoi Realty Phoenix, Godrej Properties and Prestige Estates rose 1-6 percent.
In his Budget speech, Finance Minister Piyush Goyal announced a slew of measures for housing. He said that there will be no tax imposed on notional rent on second self-occupied house.
Further, the government also announced that tax on notional rent on unsold inventory will be levied after two years instead of one.
Additionally, he said that there will be no tax deducted at source (TDS) on house rent of up to Rs 2.4 lakh crore.
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