However on Thursday, Indian markets have broadly escaped the heat of bearish tone after falling for the last four consecutive sessions. Besides, the low interest rates provided by banks for housing loan has also supported realty players.
At around 10:40 AM, Nifty Realty was trading at 524.30 up 22.55 points or 4.49%, after hitting a fresh record high at 525.90 as all the stocks were in the green state.
Sobha, Godrej Properties, Brigade zoomed the index by hitting 52-week highs while other stocks join bullish bandwagon to lift the index at fresh record highs.
Sobha surged more than 10% to hit 52-week high at Rs859 per piece. Lodha Developers also jumped over 7% with Oberoi Realty and Prestige climbed more than 6% each. Godrej Properties led the record march by hitting 52-week high at Rs2,410 per piece, zooms near 5% in an upbeat market.
Brigade also gained 4.5% hitting 52-week high at Rs469 per piece while DLF and Indiabulls Real Estate were on the upside by 3.55% and 3.18% respectively.
Sunteck and Phoenix Mills surged around 1.5% each to support the index reaching new highs.