Real estate shares rally; Oberoi Realty, Sobha zoom over 15%

Kolte Patil, HDIL, Godrej Properties, Sunteck Realty, D B Realty, D S Kulkarni and Puravankara up 5% -10% on BSE.

Shares of real estate companies have rallied on the bourses in late noon deal with the Nifty Realty index surging nearly 5% on the National Stock Exchange (NSE).

Oberoi Realty and Sobha have surged over 15% each, while D S Kulkarni Developers, Kolte Patil Developers, Godrej Properties, Sunteck Realty, DB Realty, Housing Development & Infrastructure (HDIL) and Puravankara Projects gaining between 5%-10% on the bourses.

At 03:02 pm, Nifty Realty index, the largest gainer among sectoral indices, was up nearly 5% as compared to 0.72% rise in the benchmark Nifty 50 index.

Oberoi Realty has zoomed 20% to Rs 285 on the BSE in intra-day trade after the media report suggests that iconic furniture retail chain in talks with the company to buy 3.5 L sq ft in Borivali, Mumbai.

On clarification on news report, the company said it in the normal course of its business engages in discussions with various parties in connection with its business and would like to place in record that in our view there is no transaction with IKFA or any other potential customer for which announcement is pending intimation to the stock exchanges.