Indian indices in line with strength in global equities are firm in trade today with Nifty gaining over 100 points at the time of writing this report. The US markets registered the longest winning run on Friday since 1997 on better than expected jobs data. All of the three benchmark indices notched their fresh all time highs.
Back home, among Nifty sectoral indices Nifty Realty is the outperformer with gains of close to 2 percent at the time of writing this copy. Individually of all the 10 Nifty Realty stocks, only one is trading in the red i.e. Hemisphere Properties India Limited.
Furthermore, the most run up is seen in Indiabulls Real Estate, Godrej Properties, Phoenix Sobha etc. These all scrips are trading higher in the range of 0.46-3.52 percent.
The strength in the index is partly attributed to expectation of improved sales going forward in FY22. As per Indian Brand Equity Foundation, the real estate sector is expected to see robust demand as the centre is aiming to build 20 million affordable houses in the urban areas by the year 2022. Also, the expected growth in the affordable space shall push the demand for commercial and retail office space. Furthermore, the sector's size shall see a magnificent growth from Rs. 12000 crore in 2019 to Rs. 65000 crore in 2040.