Tuesday, July 16, 2024

Real estate stocks shine on strong sales momentum

Real estate stock index is the biggest gainer on BSE as the sector shows continued buoyancy.

BSE Realty Index was up 4.57 per cent in trade on Tuesday and Prestige Estates led the sector with a gain of 12 per cent.

Sobha Limited is up 7 per cent, Godrej Properties is up 6 per cent, Indiabulls Real Estate is up more than 4 per cent, DLF is up more than 4 per cent.

In its latest report, realestateconsultancy,Knight Frank Indiacited that the leading eight residential markets in India continued to show strong growth momentum.

During Q3 2023 (July–September 2023), these markets saw a surge in demand withsales of 82,612 residential units recording a growth of 12 per cent YoY. In volume terms,Q3 2023 recorded a six-year high in quarterly sales volumes.

The top eight markets of Indiahas recordedoffice transactions of 16.1 million square feetrecording a growth of 17 per cent YoY during Q3 2023.

The elevated demand in the Indian office market reflects the confidence of occupiers as India continues to see economic stability despite global uncertainties

Global corporates have shown an increased commitment to their India operations by setting up or expanding theirGlobal Capability Centres (GCC)inIndia whichconstituted 44 per cent of the office transactionsin the country.

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