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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.

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