Godrej Properties 4% down, Indiabulls, Sunteck Realty 5% down
The Nifty Realty index is up 0.2% from the intraday low at 367. Major real estate stocks such as DLF and Oberoi Realty are down.
Speaking to CNBC-TV18, Mohit Malhotra of Godrej Properties told CNBC-TV18, “We have a presence in the top six cities, we see very strong demand in all cities. If you look at the top four cities in India the peak was in FY11 and if you even look at last year when we had record sales we were still 75% of that peak, which we hit during FY11. been very heavily corrected over the past 10 years.
“It was also a time when income levels increased by 10-12%…affordability is at an all time high. We have also seen supply drop very sharply in this sector since the introduction of RERA and the liquidity crisis that followed,” he said.
He added: “There’s a complete shift in how people perceive home today given how long we’ve been at home during the pandemic. So I think all of those factors combined, we’re on a positive cycle and if we just maintain discipline in price increases, I see no reason why this recovery would not continue.”
|Top real estate losers|
|Properties of Godrej|
|Oberoi Real Estate|