Robust Residential Sales Leading to 52 week high Nifty Realty Index | DLF may record high sales from NRIs in FY 2023-24 | SURFACES REPORTER Realty Update

The Nifty Realty Index is showing strong uptrend from last year by jumping almost 94% depicting the strong performance of realty majors including Sobha, DLF and Prestige Estate Projects. An Update by SURFACES REPORTER.

A Jump of over 7 percent

Nifty Realty Index on Thursday, jumped over 7% by hitting a score of 844.40. This is also 52-week high score by the realty index. It finally closed 6.76% higher at 841.30.

Some of the biggest contributors of this gain are Sobha, Macrotech Developers (Lodha), Godrej Properties, DLF and Brigade Enterprises whose share jumped between 6- 16%. Amongst all, Sobha led the way by jumping to 20% to a new record high. Motilal Oswal Financial Services has also said the stock is one of its top picks for the year 2024.

Shares of Prestige Estates Projects, Oberoi Realty, Swan Energy, Mahindra Lifespace Developers and The Phoenix Mills jumped between 4-6 per cent.

The Nifty Realty Index is designed to reflect the performance of real estate companies that are primarily engaged into construction of residential and commercial properties. It has been demonstrating remarkable outperformance compared to its counterparts on the NSE.

DLF Top choice among the NRI buyers

According the DLF top management, the share of NRI investments in the total sales of DLF Limited is likely to be around 20% in the 2023-24 fiscal year.

Aakash Ohri, Joint MD and Chief Business Officer, DLF Home Developers Ltd during a press interview said that that Indians staying across the world including in the US, Middle East, South East Asia, Australia and Canada, had purchased homes in different DLF projects. The ongoing fiscal year will see a sharp rise as compared to the 14% registered during the last financial years.

DLF, known for its luxury housing projects, is  likely to launch a luxury residential project in sector 76 in Gurugram abutting Southern Peripheral Road (SPR) with an expected top line between Rs 8,000 crore and Rs 10,000 crore.

*Source: Moneycontrol & Mint news websites | Image: Google


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