Nifty Realty Index down 20% since demonetisation: Delta Corp, Ansal Housing, DLF worst hit

The Nifty Realty index has lost nearly 20% since the demonetisation move. By comparison, the Nifty50 index has slipped around 5%

The government’s demonetisation move coupled with global headwinds has been a double whammy for the Indian markets. While the Nifty50 index has lost around 5% since November 9 – post the demonetisation move by the government and the US Presidential election outcome – the consumption related sectors have been hit hard, especially the real estate sector, given the high cash-based transactions. The Nifty Realty index has lost nearly 20% since then, with individual companies suffering even more. 

Analysts say there is more pain in store for the sector in the medium-to-long term, particularly in the repurchase market given the uncertainty demonetisation has created. There are expectations of a revaluation of current real estate transactions across the board representing possible losses to players in the sector, they suggest.

“At a sector level, it will create a slowdown in demand. The NCR market will likely be the worst affected, followed by Mumbai and Bangalore. However, in the long-term it could result in sector consolidation and branded companies benefiting,” points out a recent note from HSBC.

According to Crisil, cities and micro markets such as the National Capital Region (NCR) with high investor demand to be severely impacted. Residential real estate demand is likely to decline more severely in micro markets with high share of unorganised developers. On the other hand, developers will face serious fund crunch in the short-to-medium term, which will further delay ongoing projects.

Here is a list of realty and construction companies that have seen the maximum erosion in their market-capitalisation (market-cap) since the government’s demonetisation move was announced. 

Company	Close Price **	Market Cap (Rs cr)	% chg in Market-cap
Delta Corp	104	2401.82	-56.1
Ansal Housing	16.3	96.81	-54.0
Sunteck Realty	184.55	1161.74	-49.3
Eldeco Housing	412.3	81.22	-45.4
Vipul Ltd	62.35	748.1	-41.3
C & C Constrn.	15.75	40.08	-40.3
Anant Raj	36.85	1087.44	-36.0
DLF	108.6	19373.96	-32.3
Ajmera Realty	112.9	400.57	-31.0
Ansal Buildwell	55.05	40.63	-29.8
Garnet Construct	15.9	22.1	-28.6
Globus Power	14.8	146.44	-28.4
Peninsula Land	14.8	413.22	-28.4
Arih.Found.Hsg.	47.8	41.11	-28.1
H D I L	58.1	2521.56	-28.1
Lancor Holdings	23.2	93.96	-28.0
Kolte Patil Dev.	95.65	724.74	-27.8
Prajay Engg.	9.88	69.1	-27.5
Marathon Nextgen	200.6	570.45	-25.2
Tirupati Sarjan	15.95	52.63	-23.5
Nitesh Estates	10.41	151.81	-23.2
Emami Infra.	58.75	142.76	-23.2
Tarmat	35.7	39.13	-22.8
Ganesh Housing	64.35	315.33	-22.7
Prime Property	26.4	44.8	-22.4
JP Associates	8.14	1980.02	-22.2
Oswal Green Tech	24.35	625.33	-22.0
Prozone Intu	34.5	526.47	-21.7
Indbull.RealEst.	66.3	3359.18	-21.4
SSPDL Ltd	76.05	98.33	-20.8
Unitech	4.74	1240.13	-20.0
Satra Properties	5.3	94.53	-20.0
Arvind Infra.	72.45	187.1	-19.0
D S Kulkarni Dev	60.45	155.96	-18.9
Phoenix Mills	305.95	4683.08	-18.8
Nila Infrastruct	12.88	506.14	-18.6
Zandu Realty	1191.65	96.05	-18.5
Ansal Properties	15.85	249.48	-18.3
PVP Ventures	4.89	119.83	-17.6
Oberoi Realty	288.05	9776.02	-17.4
D B Realty	39.05	949.93	-16.8
Godrej Propert.	307.5	6653.17	-16.6
Madhucon Proj.	35.3	260.5	-16.1
Victoria Mills	3324.7	32.91	-16.1
FGP	2.4	2.86	-16.1
Vas Infra.	12.4	17.05	-15.7
JMC Projects	211.15	709.06	-15.7
Parsvnath Devl.	11.67	507.86	-15.6
Sobha	234.75	2301.96	-15.2
Arihant Super.	94	386.9	-14.9
Shree Precoated	2.03	16.81	-14.8
Orbit Corpn.	4.72	53.79	-14.2
GMR Infra.	11.19	6754.22	-13.3
Prerna Infra.	19.2	22.37	-13.3
JRI Inds.	2.7	7.17	-13.0
Mahindra Life.	372.85	1530.31	-12.8
Texmaco Infrast.	37.45	477.21	-12.7
Hubtown	88.5	643.75	-12.6
Brigade Enterpr.	155	1754.87	-12.6
Landmark Prop.	3.66	49.08	-12.3
Ashiana Housing	129.15	1321.88	-12.1
Prestige Estates	163.55	6133.13	-11.9
Pudumjee Industr	12.98	23.36	-11.7
Conart Engineers	35.55	10.67	-11.6
Maruti Infra.	24.3	30.38	-11.1
Nirlon	188.5	1698.76	-10.3
Steel Strips Inf	13.29	11.48	-10.2
Valecha Eng.	26.1	58.8	-10.2
Shelter Infra	12	4.28	-10.0
Puravankar.Proj.	42	995.99	-10.0
Dilip Buildcon	202.5	2769.59	-9.7
SPML Infra	54.95	201.39	-9.6
Ahluwalia Contr.	260.7	1746.37	-9.0
Sunstar Realty	54.9	1296.9	-8.0
Kings Infra	13.1	18.46	-8.0
NBCC	219.2	13152	-7.1
Elnet Technolog	91.55	36.62	-5.7
Shrist Infra	280	621.6	-5.7
Dhruv Estates	37	3.55	-5.4
Country Condo	3.92	30.42	-5.1
Omaxe	158	2889.82	-5.0
Haz.Multi Proj.	0.67	1.7	-4.7
J Kumar Infra	191.55	1449.37	-3.9
Macro Intl.	16.9	6.71	-3.9
Simplex Realty	85.85	25.67	-2.5
Nyssa Corp.	8	24	-2.3
Simplex Infra	315.6	1560.64	-1.0
Vishvas Projects	4.5	1.28	-0.8
Diamant Infra.	1.2	4.22	2.4
Radhe Develop.	18.95	47.72	2.9
IITL Proj.	30.4	15.17	3.1
Ladam Affordab.	10.02	18.34	4.7
Ritesh Prop	7.48	8.67	7.0
Swan Energy	134	2963.81	15.3
** Price in Rs as on Nov 16
Market-cap as on Nov 16
% change since Nov 8