The NSE's Nifty 50 Index was up 263 points, or 1.50% at 17,809.65.
The realty sector has been bullish recently as the interest rates have been low and the government policies have been supportive.
According to a report issued by a domestic brokerage, Mumbai residential real estate is on an upswing, as property registrations recorded in the first 21 days of September show that the numbers have crossed the levels seen in September 2018, and is expected to break the record of the last decade.
The report suggested that more than 6,000 units have been registered in the first 21 days of September, surpassing the September 2018 total of 5,913 units. It is expected to cross 7,000 units, a record in the last decade. The average daily registration in September was 300 units, up from 225 units in August.
Meanwhile, the Karnataka state assembly, on 20 September 2021, passed an amendment to the Stamp Act, 1957, under which the state has reduced the stamp duty on properties priced between Rs 35 lakhs and Rs 45 lakhs to 3% from the earlier 5%. The reduced rates are applicable only on registrations where the property is changing hands for the first time.
Reduction in interest rates by financial institutions for home buyers ahead of the festive season is another key positive for the realty sector.
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