Mumbai property hit by duty hike report

Shares in real-estate companies with sizeable exposure to Mumbai fell on Monday after a daily reported the state government of Maharashtra was planning to increase stamp duties in the city by as much as 160 times for residential and commercial properties.

This will impact the investor sentiment and could have an adverse impact on demand for residential property in Mumbai,said a real estate analyst with a Mumbai-based brokerage,adding the commercial property sector could also be impacted.

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Housing Development and Infrastructure Ltd was down 4.5 per cent,while DB Realty dropped 4.8 per cent,and Indiabulls Real Estate lost 3.22 per cent.