The Nifty Realty Index rose over one per cent in Thursday’s trading session after real estate developers reported strong updates for the quarter ended June 2022. Among individual stocks, Sobha Limited, Ajmera Realty, Indiabulls Real Estate, Oberoi Realty, Godrej Properties, Macrotech Developers (Lodha) were trading in a range of 2-12% in opening deals.
Ajmera Realty shares surged over 11% after the company shared its Q1 business update, where its selling price was up 261% from the same quarter last year and up 229% on a sequential basis. 400 million. Its Q1 collections grew 93% year-on-year (YoY) and 126% quarter-on-quarter (QoQ) 210 crores.
Shares of Shobha rise 8% after realty firm’s net selling price rises 1,145 crore during the quarter, an increase of 67.7% on a year-on-year basis, while sales volume grew to 1.36 million sq ft (sq ft), up 51.7% from the year-ago quarter.
realty firm Macrotech Developers On Wednesday, its sales bookings registered a nearly three-fold jump annually. 2,814 crore in the April-June quarter of the current fiscal on strong demand for its residential properties.
The company has 11,500 crore pre-sales guidance for FY23. Lodha’s management said that despite evolving under macro-economic conditions, the demand for reliable Grade A developers across sectors remains strong.
Macrotech Developers sells its properties under the Lodha brand. It has a major presence in the Mumbai Metropolitan Region (MMR) and Pune market. The company has recently forayed into Bangalore.
India’s residential real estate Global property consulting firm Knight Frank said in a note that the segment registered a 9-year high in terms of sales volume during the first half (January-June) of 2022.
As per the report, housing prices grew in the range of 3-9% year-on-year (YoY) across all markets. It also marks H1 2022 as a period in which prices have increased year-on-year across all markets for the first time since the second half of 2015.
Knight Frank has listed several factors for the increase in housing sales such as the need to upgrade the primary lifestyle of homebuyers, lower interest rates on home loans and comparatively lower home prices at pre-pandemic levels. The renewed need for home ownership has been sparked by the COVID pandemic, which is driving housing sales as well.