For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

Realty Stocks Surge On Optimistic Outlook; DLF Hits 52-Week High

By Staff
|

On Tuesday, shares of real estate companies rallied on an increase in demand for completed products and expectations of robust revenue collection in 2021. Nifty Realty index was up 5% outperforming other sectoral indices for the day with Indiabulls Real Estate shares climbing 13% after announcing its Q3 results.

 
Realty Stocks Surge On Optimistic Outlook; DLF Hits 52-Week High

With attractive property prices (with discounts offered), low interest on loans and cut in stamp duty in major states, residential real estate has witnessed a strong recovery in the last 6 months. Almost all top cities are clocking record sales as compared to previous years

DLF shares hit a 52-week high of Rs 299.5 after rallying over 7%. Shares of Godrej Properties, Prestige Estate Projects, Sobha, Oberoi Realty and Brigade Enterprises were up 3 to 4%.

On Monday, Indiabulls Real Estate reported a 64% rise in its consolidated net profit to Rs 80.69 crore for the December-ended quarter. Its net profit was Rs 49.27 crore in the year-ago period.

"While some part of this recovery may be attributed to pent-up demand, developer discounts and temporary stamp duty waivers, a large part of it is on the back of fundamental factors such as multi-decadal low-interest rates, bottomed-out pricing creating a room for price rise in future and a general increase in the need for owning a home in light of Covid," Motilal Oswal's CEO Sharad Mittal said in a pre-budget note.

Company Search
Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X