Property stocks fall; cabinet approves regulator

Last Updated: Wed, Jun 05, 2013 06:39 hrs

Shares of Indian property companies fall after a minister said the Indian cabinet had approved late on Tuesday the appointment of the first regulator for a sector that has struggled with a reputation for corrupt deals.

The appointment of a national regulator is part of the broader Real Estate (Regulation and Development) Bill, which seeks to bring accountability in the sector. The bill would need parliament approval.

DB Realty Ltd falls 2.7 percent, Parsvnath Developers Ltd is down 2.3 percent, Prestige Estates Projects Ltd drops 1.9 percent and Suntech Realty Ltd loses 1.4 percent.

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