mumbai stocks of several maharashtrabased real estate companies witnessed strong selling pressure on monday on the back of an sc ruling that put a ban on construction in the state along with madhya pradesh and uttarakhand as these states do not have a solid waste management policy this is expected to hurt the real estate construction the most in the island city several leading realty players said that such a blanket ban by the apex court would hurt the sector that was just showing some signs of growth after several years of slowdown the decision could also have an adverse impact on the employment scenario in the state they said among the maharashtrabased realty firms indiabulls real estate closed 31 per cent lower while sunteck realty was down 26 per cent and d b realty closed 22 per cent lower however stocks of some of the companies from the sector also closed higher with hdil leading with a 55 per cent rise according to niranjan hiranandani national president of national real estate development council the courts intention was good from a longterm perspective but a blanket ban stopping all construction will have a negative impact on housing it will choke supply and impact home seekers effectively homebuyers will suffer just because some state governments have not formally notified the policy hiranandani whos also the chief of hiranandani group one of the leading citybased builders said according to him a better solution would have been to penalise the state administration and bar new construction while allowing ongoing projects to be completedthe court stay could have a direct impact on the daily wage earners in the industry while the gdp of the nation could also suffer said getamber anand chairman confederation of real estate developers in india credai solid waste management is still a work in progress and while appropriate action could be taken by the state authorities concerned the decision to stay the construction activities may not be a definitive solution to resolve the matter he saidthere are states and cities in india that have adopted technologies that result into zero disposal of solid waste materials outside of large housing complexes industry players said however its the states which have to take the lead in pushing housing societies to adopt those technologies they said