At around 11.10 AM, Nifty Realty was trading at 353.50 up 1.40 points or 0.40% touching a high of 356.80 and low of 353.10 during intraday trade on Friday. BSE Sensex was trading at 52,192.43 down 40 points or 0.08% and Nifty50 at 15,681.90 down 8.45 points or 0.05%.
The realty index jumped 4% on Thursday after the Cabinet on June 2 approved the Model Tenancy Act for circulation to the States/Union Territories for adoption.
The Act is aimed at opening up of the vacant housing stock for rental housing purposes and helping bridge the trust deficit that exists between tenants and landlords by clearly delineating their obligations.
Hemisphere Properties rallied nearly 4.5% at Rs146.30 per piece to lift the performance of the sector. Phoenix Mills Limited and Brigade Enterprises extended gains to advance 1.47% and 1.32% respectively. SunTeck Realty (up 0.52%) also continued the forward march.
Godrej Properties (up 0.72%) and Prestige (up 0.5%) also made significant gains. Sobha and Indiabulls Real Estate was marginally higher.
Oberoi Realty shed 1.7% at Rs654.35 per piece to emerge the laggard after highs of Thursday. DLF was also trading marginally lower.
Meanwhile, the Reserve Bank of India (RBI) maintained yet another 'status quo' in its policy repo rate at 4%.