Oberoi Realty amongst gainers

Oberoi Realty remains amongst the top gainers on the Sensex today, currently up 4% at Rs.256, with an intra day high at Rs.259.95.

The stock is reacting to the Union Budget which gave many sops to the realty sector. Development of 100 smart cities, FDI eligibility for realty projects reduced from 50,000 sq.mts to 20,000 sq.mts, bringing down minimum FDI limit by 50% to $5 million. He also announced Rs.4000 crore for affordable housing throygh NHB, slum redevelopment becoming a part of CSR and incentivized REITs by giving a tax pass through thus avoiding double taxation.

These benefits are expected to benefit major realty companies and Oberoi is especially on the radar as remains financially lesser leveraged than most others.