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Realty firms with Mumbai exposure hit by duty hike report
A new report by the Boston Consulting Group says online retail in India could be a $84-billion industry by 2016 -- more than ten times its worth in 2010 -- and will account for 4.5 per cent of total retail.
26 Mar 2012, 12:43 PM IST 
Sony CEO Kazuo Hirai, left, listens to former-CEO Howard Stringer | Source: AP
Shares in real-estate companies with sizeable exposure to Mumbai fell on Monday after a newspaper 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.
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.
Copyright @ Thomson Reuters 2012