Realty Stocks Soar with New Tax Exemption Policy

Realty stocks surged over 7% after the government announced taxpayers could claim annual value of two self-occupied properties as 'nil' without conditions. Shares of companies like Phoenix Mills and Macrotech Developers saw significant gains. The BSE Realty index also rose, in contrast to the broader market's marginal gain.

On Saturday, realty stocks experienced a significant surge, climbing over 7%, following a government policy shift regarding property tax exemptions.

Shares of companies such as Phoenix Mills and Macrotech Developers saw notable increases, with Phoenix Mills rising by 7.27% to Rs 1,761.55 and Macrotech Developers up 6.31% to Rs 1,280.

Finance Minister Nirmala Sitharaman’s budget announcement introduced a tax provision allowing taxpayers to claim the annual value of two self-occupied properties as 'nil', boosting investor confidence in the sector.