Realty sector hits 15-Year high with record Sales

Real estate stocks surged to a 15-year high as several companies reported record sales in the second quarter of the current fiscal year. The S&P BSE Realty Index, tracking realty stocks, opened at 4675.86, reached an intraday peak of 4886.81, and closed at 4842.12, marking a 4% increase from the previous day. This is the highest close since September 12, 2008. The Nifty Realty Index also reached a 15-year high, closing over 4% higher than the previous day's close. Both the BSE Realty Index and Nifty Realty Index were the top performers among all sectoral indices on Tuesday, with both indices rising over 5% in intraday trade.

 

Key gainers in the real estate sector included Prestige Estates (up 8.59%), Sobha Developers (up 6.78%), and Godrej Properties (up 5.77%). Bengaluru-based Puravankara reported its highest-ever quarterly sale value of Rs 1,600 crore for Q2FY24. Mumbai-based Ajmera Realty & Infra announced a 52% YoY growth in sales value, reaching Rs 252 crore. Prestige Estates also reported record-breaking sales for H1 FY24, with sales of Rs 11,007.3 crore, up 69% YoY.

 

Lodha noted its best-ever quarterly pre-sales at Rs 3,534 crore, with collections growing by 16% YoY to reach Rs 2,752 crores. Anarock Property Consultants recently reported that housing sales in Q3 CY 2023 reached an all-time high, with over 1.20 housing units sold in the Top 7 Cities, marking a 36% YoY increase.

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