Nifty Realty surges the most since 2009; Prestige Estates jumps 15%
All the 10 constituents of the Nifty Realty index traded in the green, with Prestige Estate Projects leading the pack with gains of over 15 per cent
Realty stocks were buzzing in trade on Tuesday (October 10, 2023). The Nifty Realty index surged nearly 5 per cent intra-day to touch the day's high levels of 610.85, its highest since the year 2009. The sharp gains were witnessed amid strong business updates from the players within the space for the Q2FY24 and 1HFY24 period.
At the time of writing this copy, all the 10 constituents of the Nifty Realty index traded in the green, with Prestige Estate Projects leading the pack with gains of over 15 per cent. Sobha and Godrej Properties traded with gains of 7 per cent and 6 per cent, respectively.
Oberoi Realty, DLF and Macrotech Developers gained between 3-4 per cent.
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According to Zee Business Research, Prestige Estates reported record sales in the first half of the current financial year. In the first six months to September, the company realised sales of Rs 11,007 crore versus Rs 6,515 crore during the same period last year. The company also registered a 25 per cent year-on-year (YoY) increase in the average price realisation of apartment/ villas during the September quarter.
Ajmera Realty during 1HFY24 registered pre-sales of Rs 476 crore. While, its pre-sales in the September ended quarter rose by 52 per cent.
Furthermore, as per a recent ANAROCK report, given the unwavering demand for luxury housing, of the total 1,16,220 units launched in the Q3 2023 period in the top 7 cities, 27% units are accounted for by the luxury category, This is the highest quarterly luxury supply entering the market in the last five years.
“Developers have been bullish about the luxury homes segment because of its superlative performance after the pandemic, with overall sales rising steeply across the top 7 cities. Post pandemic, homebuyers have been seeking bigger homes and apart from high-end amenities and good location, luxury housing is primarily defined by generous floor space. ANAROCK’s most recent consumer sentiment survey also reflects this trend. In the pre-Covid edition of the survey (H1 2019), 9% respondents preferred luxury homes priced >INR 1.5 Cr while in the current edition of H1 2023, this share has risen to 16%," Prashant Thakur, Regional Director & Head – Research, ANAROCK Group, said.
(With Inputs from Zee Business Research)