India's Mumbai-based developers to gain from home sales revival - Nuvama

Lodha Developers

02/06/2023 08:22

** Indian real estate companies Macrotech Developers Ltd
 MACE.NS , Oberoi Realty Ltd  OEBO.NS , Godrej Properties Ltd
 GODR.NS  and Sunteck Realty Ltd  SUNT.NS  may benefit from the
sales revival in Mumbai, says Nuvama Institutional Equities
    ** Brokerage expects wage increases, return-to-work scenario
and the central bank's pause on interest rate hikes to "keep
home buying activity healthy"
    ** Housing units registered in Mumbai in May, 2023 remains
unchanged YoY, still the second-best May performance in a decade
- Nuvama
    ** Brokerage notes sales buoyancy could be sustained by
pick-up in launches, diversification and market share gains 
    ** Says registrations in Maharashtra up 9% YoY; adds,
bullish about Mumbai-based organised developers 
    ** YTD Nifty Realty Index  .NIFTYREAL  has risen over 13%
after falling ~11% in 2022 

 (Reporting by Hritam Mukherjee in Bengaluru)
 ((Hritam.Mukherjee@thomsonreuters.com;))