The S&P BSE Realty Index, which tracks realty stocks , hit 15-year high on the better prospects for the property stocks after some of the real estate companies announced record sales in second quarter of the current financial year.
The index which opened at 4675.86 , touched a intra day high of 4886.81 and closed at 4842.12 , over 4% higher than Monday’s close. This was the highest closing since September 12, 2008. Nifty Realty Index also hit 15 year high and closed over 4% higher than previous day’s close.
“Realty stocks rose on the expectations that festive season will be even better for the companies in terms of housing sales,’” said an analyst who did not want to be quoted.
Prestige Estates which gained 8.59%, Sobha Developers which rose 6.78 % , Godrej Properties which rose 5.77% were major gainers in the real estate pack on Tuesday .
Bengaluru based Puravankara on Tuesday said it recorded highest ever quarterly sale value of Rs 1,600 crore for Q2FY24. Mumbai based Ajmera Realty & Infra said it’ recorded 52% YoY growth in sales value to Rs 252 crore.
Prestige Estates earlier this month announced that it posted record-breaking highest sales of Rs 11,007.3 crore (up by 69% yoy) during H1 FY24 and quarterly sales of Rs 7092.6 crore (up by 102% yoy) during Q2 FY24.
The company said that that in just the first six months of FY24 it has achieved sales of Rs 11,007 crore which is close to the sales of the entire 12 months of FY23, of Rs 12,931 crore.
Lodha said delivered its best ever quarterly pre-sales at Rs 3,534 crore. Collections at Rs 2,752 crores also grew 16% YoY, it said.
In a recent report, Anarock Property Consultants said that Q3 CY 2023 Housing sales were at all-time high . Over 1.20 housing units were sold in Top 7 Cities, registering a jump of 36% on Y-o-Y basis, it said.