Sobha, Prestige Estates slump 3-4% as Karnataka mulls 5-year construction ban

The share price of Sobha was down over 4 percent intraday on Friday while Prestige Estates shed over 3 percent.

Amid fears of acute water scarcity, reports are making rounds that the Karnataka government is considering a five-year ban on construction of multi-storeyed residential buildings.


This has led to the fall of real estate stocks including Sobha and Prestige Estates.

Deputy chief minister Dr. G Parameshwara on June 27 said that builders sell the apartments to families without assuring them of water availability, according to a report by PTI.

Due to water scarcity, there were deliberations on banning the construction of apartments in Bengaluru for the next five years, Parameshwara said.

The share price of Sobha was down over 4 percent intraday on June 28, while Prestige Estates shed over 3 percent.

At 1145 hrs, Sobha was quoting Rs 521.40, down Rs 23.85, or 4.37 percent. It has touched an intraday high of Rs 526.50 and an intraday low of Rs 510.35.

Prestige Estates Projects was quoting Rs 269.50, down Rs 8.80, or 3.16 percent. It has touched an intraday high of Rs 276.05 and an intraday low of Rs 266.20.

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