You are here: Home » Markets » News
Business Standard

Realty index slips 6%; DLF, Oberoi Realty, Godrej Properties down up to 8%

Despite the over 10 per cent correction from its 52-week high, the BSE Realty index has outperformed the market by surging 57 per cent thus far in the calendar year 2021

Topics
Buzzing stocks | Nifty Realty Index | Real Estate

SI Reporter  |  Mumbai 

Housing market, Homes, Real estate, Realty

Shares of companies were under pressure in trade on Friday, with the S&P BSE Realty index slipping nearly 6 per cent. The new virus variant added to concerns about growth and interest rates going forward.

At 11:04 am; the S&P BSE Realty, the top loser among sectoral indices, was down 5.5 per cent, as compared to 2.3 per cent fall in the S&P BSE Sensex. With Friday’s fall, the realty index has plunged 13 per cent from its 52-week high level of 4,464 touched on November 9, 2021.

Among individual stocks, DLF, Phoneix, Oberoi Realty, Indiabulls Real Estate, Prestige Estates Projects slipped in the range of 6 per cent to 8 per cent. Godrej Properties, Sunteck Realty, Sobha, Macrotech Developers, Mahindra Lifespace Developers and Brigade Enterprises were down between 3 per cent and 5 per cent.

According to a New York Times report, Scientists in South Africa identified on Thursday a concerning new variant of the coronavirus, whose mutations mark a “big jump in evolution” that is driving a spike in new cases. Hours later, Britain banned flights from six southern African nations, citing the variant. CLICK HERE FOR FULL REPORT

Despite the over 10 per cent correction from its 52-week high, the BSE Realty index has outperformed the market by surging 57 per cent thus far in the calendar year 2021. In comparison, the S&P BSE Sensex was up 20 per cent, data shows.

"The pandemic played a catalyst in accelerating market share gains into the hands of organised players. Banks, equity capital providers, buyers, and supply chains aligned with stronger developers to further solidify this shift. Economic recovery, high attrition backed by higher salaries, robust stock markets, low interest rates, high affordability, collapse of tier-2 developer ecosystem, new launches and quest for large house ownership/house ownership are some of the tailwinds fueling this recovery," analysts at HDFC Securities said in recent report


Adding: "While the sector may see near-term headwinds, the long-term story remains intact. We continue to believe that tier- 1 developers will gain market share, given consumers’ increasing buying preference for reputed developers in under construction projects."

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Fri, November 26 2021. 11:27 IST
RECOMMENDED FOR YOU
.