Realty shares were seen under pressure on Tuesday on reports that banks are planning to withdraw special schemes that carry interest rates as low as 8%. There has been news that SBI would withdraw 8% home loan offer from Saturday.
Indiabulls Real Estate, down 12.77%, was the main loser on the realty index. Other major losers on the index were Anant Raj Industries down 10.69%, DLF down 9.38%, Sobha Developers down 9.37%, Parsvnath down 8.89%, Unitech down 7.84%, HDIL down 5.62%, Penland down 4.76%.
Similarly, Ansal Infra, Phoenix Mills, Omaxe, Ackruti City and Mahindra Lifespace shed between 1.5-3.8%.
The banks are planning to raise the rates by January for aligning them with the RBI’s key rates. The quarterly policy review of the central bank signified that it might alter the rates after the end of current calendar year. The low-interest schemes offered by the public banks have given rise to lowest cost of home loans in five years.
