Nifty Realty index zooms 8.5%; DLF, Godrej Properties surge 10% each
Indiabulls Real Estate, Sobha, Prestige Estates, Oberoi Realty, Sunteck Realty, Mahindra Lifespace and Macrotech Developers were up between 4 - 8 per cent on expectations of strong demand this festive.
Real estate stocks were surging in trade on Wednesday, fueled by expectations of robust demand ahead of the holiday season, and some lenders had already announced rate cuts. DLF, a real estate company, increased by 10% to Rs 363.75, while Godrej Properties increased by 10% to Rs 1,852. Stocks and futures & options (F&O) trade in the same segment, with no circuit boundaries.
On the National Stock Exchange, the Nifty Realty index has soared 8.6% to a new high of 455.10. (NSE). In comparison, at 13:05, the Nifty50 index was up 0.2 percent at 17,598. Indiabulls Real Estate, Sobha, Prestige Estates, Oberoi Realty, Sunteck Realty, Mahindra Lifespace Developers, and Macrotech Developers rose 4 to 8%.
Given consumers’ preference for reputable developers in under-construction projects, analysts anticipate Tier 1 developers will increase market share.