Godrej Properties 4% down, Indiabulls, Sunteck Realty 5% down
The Nifty Realty index is 0.2 percent up from intraday low at 367. Major real estate stocks like DLF and Oberoi Realty are down.
Taking to CNBC-TV18, Mohit Malhotra of Godrej Properties told CNBC-TV18, “We are present in the top six cities, we are seeing very strong demand across cities. If you look at the top four cities in India, the peak was in FY11 and if you look at even the last year while we had record sales, we were still at 75 percent of that peak, which we hit in FY11. So, the markets have actually corrected very sharply over the last 10 years.”
“This was also a period where the income levels have risen between 10 to 12 percent… affordability is at an all-time high. We have also seen a supply very sharply coming down in this sector since the time of introduction of RERA and the liquidity crisis which followed,” he said.
He added: “There is a complete shift in how people perceive home today given the amount of time we have spent at our homes during the pandemic. So I think all these factors combined, we are on a positive upcycle and if we just maintain discipline in price hikes, I don’t see any reason why this recovery would not continue.”
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