September 17, 2012 / 8:28 AM / 5 years ago

Realty shares rally on retail FDI action

Buildings under construction are seen under the Mumbai skyline November 23, 2008.Arko Datta/Files

Reuters Market Eye - Shares of Indian property developers rally on hopes the government's move to allow foreign direct investment in multi-brand retail chains will boost demand for commercial property.

Property developer DLF (DLF.NS) rises 5.3 percent, while mall operator Phoenix Mills gains 10.6 percent on hopes the government move might lead to increased occupancy in its existing facilities.

Real estate companies Nitesh Estate (NITE.NS), Unitech (UNTE.NS) and Oberoi Realty advance between 2-5 percent each.

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