Indian real estate companies dropped for a second day on confusion about who would end up paying a proposed retrospective value-added-tax from the state of Maharashtra, as well as continued worries about a stringent land acquisition bill from the government.
The VAT worries took their toll on Housing Development & Infrastructure Ltd and Indiabulls Real Estate, which fell 3-4 percent each, since the bill does not make clear whether the builder or the buyer has to pay the additional VAT.
DLF fell 3.2 percent as the property firm could be most impacted from a potentially stringent land acquisition bill, analysts said.
Source: economictimes.indiatimes.com
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