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Real Estate Stocks Bull Run: The stock market may not have done anything great on Monday. But today’s trading session has been in the name of the real estate sector. Due to RBI’s decision not to make loans more expensive in monetary policy and record sales of real estate companies, there has been a tremendous boom in the shares related to the real estate sector. Shares of these companies closed today with a jump of 3 per cent to 9 per cent.
Real estate stocks rose from 3 to 9 percent
The Nifty Real Estate Index closed with a gain of 4.29 per cent. While talking about stocks, Godrej Properties rose by 9.15 per cent to Rs 1228, DLF rose by 5.90 per cent to Rs 405, Prestige Estates rose by 6.27 per cent to Rs 446, Shobha Developers rose by 3.22 per cent to Rs 465, Brigade Enterprises rose by 3.22 per cent to Rs. Shares of Macrotech Developers closed at Rs 943, up 3.09 per cent, and Indiabulls Real closed at Rs 56, up 1.92 per cent, at Rs 491, up 3.61 per cent.
Companies recorded record sales
There are two major reasons for the rise in the shares of the real estate sector. On the one hand, RBI has not made home loans expensive by not changing the policy rates, on the other hand, companies have shown record sales in the fourth quarter of 2022-23. Shobha Developers has a sales value of Rs 1463 crore in the fourth quarter, while the annual sales have been Rs 5198 crore. Macrotech Developers, which sells properties under the Lodha brand, has seen a 34 per cent jump in its sales bookings to Rs 12,064 crore in 2022-23.
Increased demand for premium housing
Foreign brokerage house Jefferies has said in a note that most real estate companies have seen record sales in the premium housing market in the January to March quarter. He believes that a slowdown can be seen in the affordable housing market due to the rise in home loan interest rates. There has been a huge drop in inventory. And the effect of all these things is being seen on the real estate stocks.
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