Nifty Realty Index Hits 15 Years High;Q2 Pre-Sales Soar with Highlights Across the Board
5In a remarkable surge, the Nifty Realty Index has scaled heights unseen in 15 years, emerging as the top sectoral gainer Year-to-Date (YTD) with a staggering 40.79% increase. Leading the charge are prominent real estate players, with Prestige Estates at the forefront, boasting an impressive 63.16% YTD growth. DLF follows closely at 49.53%, while Mahindra Lifespace, Macrotech Developers, and Godrej Properties have also contributed significantly, all recording YTD gains above 40%.
Q2 Pre-Sales Soar with Highlights Across the Board
The real estate sector's bullish run is further substantiated by Q2 pre-sales updates, as Prestige Estates witnesses an astounding 102% Year-on-Year growth. Macrotech Developers, Sobha, and Puravankara have also displayed robust performance with 12%, 48%, and 102% YoY growth respectively. Furthermore, Prestige Estates has notched a significant milestone by achieving 69% of its FY24 guidance, the highest among developers, amounting to 16,000 crores. Sobha, Macrotech Developers, and Puravankara have all achieved record-high sales, cementing their strong presence in the market.
Optimistic Triggers Fueling Realty Sector Boom
Several positive triggers are propelling this remarkable surge in the realty sector, including peaking interest rates, macroeconomic growth, and heightened consumer confidence, all stimulating housing demand. CBRE predicts that residential sales and new launches could reach a 10-year high in 2023. Furthermore, despite improvements in launch momentum, unsold inventory has hit a decadal low. Most developers are not only on track to meet but exceed their own sales guidance. To further bolster the sector, the government is considering a substantial $7.2 billion housing loan interest subsidy to support affordable housing demand.
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