India's realty index hits near five-month high; Indiabulls leads

Embassy Developments

13/06/2023 07:35

** India's real estate index  .NIFTYREAL  rises as much as
1.69% to a near-five-month high on Tuesday
    ** Realty is the top sectoral gainer with nine of the 10
constituents logging gains; Nifty 50 up over 0.5%
    ** Realty index up 17% in 2023 compared to 2.7% rise for
Nifty 50
    ** Indiabulls Real Estate  INRL.NS  is the top gainer, up
over 4%; Godrej Properties  GODR.NS  up over 3% and Prestige
Estate  PREG.NS  up 2% among top gainers in the realty index 
    ** Strong demand in residential real estate powered the rise
in pre-sales in record high in Q4FY23, says Kotak Institutional
Equities 
    ** Reiterates attractive view on the sector, due to strong
operational performance by realty firms
    ** Performance of listed firms reflected industry strength,
with DLF, Macrotech, Prestige and Godrej Properties posting
improved sales volumes
    ** Announcement of rate pause to address potential risks to
demand previously seen by investors, says Kotak
    

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))