Realty index slips 6%; DLF, Oberoi Realty, Godrej Properties Down
at 11:04 am; Sectoral index topper S&P BSE Realty declined 5.5 per cent, compared to a 2.3 per cent fall in the S&P BSE Sensex. With Friday’s decline, the realty index has fallen 13 per cent from its 52-week high of 4,464 on November 9, 2021.
Among individual stocks, DLF, Phoenix, Oberoi Realty, Indiabulls Real Estate, Prestige Estates Projects slipped in the range of 6 per cent to 8 per cent. Godrej Properties, Suntech Realty, Shobha, Macrotech Developers, Mahindra Lifespace Developers and Brigade Enterprises were down between 3 per cent and 5 per cent.
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Despite a correction of over 10 per cent from its 52-week high, the BSE Realty index has outperformed the market with a gain of 57 per cent so far in calendar year 2021. In comparison, the S&P BSE Sensex was up 20 per cent, shows data.
“The pandemic played a catalyst in accelerating market share in the hands of organized real estate players. Banks, equity capital providers, buyers and supply chains tie up with strong developers to further drive this change. Economic recovery Strong stock market, low interest rates, high affordability, collapse of Tier-II developer ecosystem, new launches and larger home ownership/looking for home ownership, said analysts at HDFC Securities, backed by higher salaries, said analysts at HDFC Securities in a recent report. Some tailwinds are.
Adding: “While the sector may see near-term adverse impacts, the long-term story remains intact. Considering the increasing buying preference of consumers for reputed developers in under-construction projects, we believe that Tier-1 Developers will gain market share.”
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