The Maharashtra government has slashed premiums and levies charged on construction by 50 per cent, till December 31
Sobha, Indiabulls Real Estate, Sunteck Realty, Oberoi Realty and Godrej Properties surged between 5 per cent and 7 per cent on the BSE.
Although residential sales faced a majot set back in Q2, they made a comeback with help of pent up demand
Muted near term cash flows, increase in debt and valuations to cap upside
The Mumbai-based real estate developer said it has bought 18-acre land parcel to develop a residential project in Whitefield, Bengaluru
Realty firm Godrej Properties has bought an 18-acre land parcel in Bengaluru to develop a housing project, as part of its expansion plan
Godrej Properties, Oberoi Realty, Prestige Estates and Brigade Enterprises from the Nifty Realty index were up 1 per cent each, recovering by upto 2 per cent from their respective intra-day's low.
The company's total income fell 37 per cent at Rs 250.23 crore in Q2FY21 from Rs 395.11 crore a year ago
Sensing the distress opportunities, Godrej Properties has been creating a war-chest to acquire land parcels.
Acquires 15 acres for undisclosed sum in Sarjapur, a preferred locations with good connectivity to Outer Ring Road and several other key hubs of the city
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Falling operating cash flows could make it difficult to meet return on equity target, say analysts
After Maharashtra, analysts expect more states slash stamp duty rates. According to Jefferies, the state governments to watch out for will be Karnataka (Bangalore) and Haryana (Gurgaon)
Price-volume trend indicates a further upside for realty stocks
So far, there were opportunities in stalled residential projects for top developers like Godrej Properties
Construction grinds to a halt in April and May; realtors, analysts expect improvement in coming quarters
Pirojsha Godrej says company will look at both organic and inorganic opportunities for growth, is bullish on medium and long-term prospects for residential real estate
Total income also declined to Rs 195.66 crore in the first quarter of the fiscal, from Rs 713.84 crore last year
Godrej Properties is prepared to withstand the downturn in the sector and capture opportunities that arise due to the crisis, said its chairman Pirojsha Godrej in the company's latest annual report
Shares of Godrej Properties also rose as much as 3.32 per cent on the BSE