Nifty Realty hits fresh high; Index surges 8%; Godrej Properties, DLF hit fresh 52-week highs

Sobha Limited, Indiabulls Real Estate, and Hemisphere Properties were also between 7-8% higher.

Sep 22, 2021 01:09 IST India Infoline News Service

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The Nifty Realty index hit a record high on Wednesday as the sector surged 8.3% at 453.95 up 34.80 points amid volatile trade. It hit a new high of 455.10 during intraday trade on Wednesday. 

Godrej Properties and DLF hit fresh 52-week highs while Sobha Limited, Indiabulls Real Estate, and Hemisphere Properties were also between 7-8% higher.

In the previous session, the realty index had jumped 3.6%. Realty stocks have been enjoying a bull run this year. Low interest rates and hopes of a faster economic recovery in the post-pandemic world seem to have boosted realty stocks. The rise in sales during the festive season has also boosted the sector.

Besides, the rebate on stamp duty in some states has also supported realty players. On Tuesday after the Karnataka Government slashed stamp duty by 2 per cent on affordable flats.

Godrej Properties hit fresh high of Rs1,949.70 per piece on the NSE. The company achieved sales of Rs575cr in a single day at the launch of the second phase of its project Godrej Woods in Noida. Ata round 1.00 pm, Godrej Properties stock was trading at Rs1,918.45 per piece, up 11.3%. 

DLF vaulted also nearly 11% at Rs366.65 per piece. It hit fresh high of Rs373.75 per piece on Wednesday. Sobha rose 9.16% at Rs772.65 per piece. Indiabulls RealEstate was also 7.35% higher at Rs143.30 per piece. 

Oberoi Realty, Hemisphere Properties, Prestige, Sunteck Realty, Brigade and Phoenix Limited also jumped between 3-6% as the Index led the bull run with media stocks. 

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