India's real estate index set to snap four-session losing run

Prestige Estates Projects

24/07/2024 10:34

** Nifty realty index  .NIFTYREAL  rises 0.4%, set to snap
four-session losing run
    ** Index among seven subsectors trading higher
    ** Prestige Estates  PREG.NS  and Mahindra Lifespace
 MALD.NS , up 5.1% and 3.2% respectively, leading gains
    ** Heaviest stock on index, DLF  DLF.NS , up 1.9%; seven out
of 10 members trading higher
    ** See removal of indexation as proposed in budget having
"low impact" as bulk of housing demand still consumption driven
and not investment, says Jefferies
    ** Believe NCR, Mumbai markets - where investor activity is
higher - to be more impacted than other micro markets - CLSA
    ** But higher price appreciation in NCR, Mumbai markets will
take care of indexation removal and is allaying investor fears,
NCR-based realtor Gaurav Gupta told Reuters
    ** New regime negative where price appreciation is less than
10%/annum, says CLSA; price appreciation in NCR, Mumbai ~50%
each in last 5 years - Anarock data

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