Parsvnath Developers (up 10.99%), Unitech (up 4.44%), Sunteck Realty (up 4%), Peninsula Land (up 3.07%), Anant Raj (up 2.33%), D B Realty (up 1.78%), Sobha (up 1.57%), Mahindra Lifespace Developers (up 1.53%), Housing Development and Infrastructure (HDIL) (up 1.47%), Godrej Properties (up 1.43%), Indiabulls Real Estate (up 1.34%), Oberoi Realty (up 1.29%), Prestige Estates Projects (up 1.25%), Phoenix Mills (up 0.64%), DLF (up 0.41%) and Omaxe (up 0.22%), edged higher.

The S&P BSE Realty index was up 22.44 points, or 1.23% at 1,840.22. It outperformed the S&P BSE Sensex, which was up 57.76 points, or 0.16% at 35,929.24.

The Goods and Services Tax (GST) Council in its 33rd meeting held on 24 February 2019, recommended that GST shall be levied at effective GST rate of 5%, without input tax credit (ITC), on residential properties outside affordable segment. GST shall be levied at effective GST of 1%, without ITC, on affordable housing properties. The new rate shall become applicable from 1 April 2019, Ministry of Finance said in a statement.

The definition of affordable housing was also redefined by linking to cost as well as carpet area. Flats costing up to Rs 45 lakh and with carpet area of 60 square metres in metros (Delhi-NCR, Bangalore, Chennai, Hyderabad, Mumbai-MMR and Kolkata) or 90 square metres in non-metro areas.

Prior to this, under-construction residential properties attracted effective GST rate of 12% after factoring one-third abatement for the value of land. The effective GST rate for affordable housing was 8%. Ready properties that have received occupancy certificate (OC) do not attract GST.