Shares of 14 real estate developers rose by 1.67% to 17.47% at 13:29 IST on BSE on renewed buying.
Unitech (up 17.47%), Phoenix Mills (up 16.95%), D B Realty (up 10.87%), Oberoi Realty (up 9.36%), HDIL (up 7.95%), Prestige Estates (up 5.89%), Parsvnath Developers (up 4.93%), Godrej Properties (up 3.91%), Peninsula Land (up 3.8%), Anant Raj (up 3.13%), Sobha Developers (up 2.43%), DLF (up 2.22%), Indiabulls Real Estate (up 2.11%) and Sunteck Realty (up 1.67%), edged higher.
The S&P BSE Realty index was up 6.08% at 1,820.85. It outperformed the Sensex, which was up 0.15% at 24,399.85.
The S&P BSE Realty index had outperformed the market over the past one month till 19 May 2014, rising 14.98% compared with 7.66% rise in the Sensex. The index had also outperformed the market in past one quarter, rising 41.59% as against Sensex's 17.57% rise.
With a clear mandate for a Bharatiya Janata Party (BJP)-led government at the Centre, real estate developers are expecting a revival and an increased inflow of foreign investments into the realty sector.
According to media reports, a stable government could revive property market in six to 12 months, and boost foreign investment flow. The sector reportedly wants policy for affordable housing and speedy approval process. The new government is likely to take a call on the Real Estate Regulation Bill, which includes setting up of a real estate regulator, reports added.
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