Nifty Realty in focus ahead of Union Budget 2022-23, Oberoi Realty, Brigade, Sobha, Godrej Properties, Lodha in fast lane

1 Feb 2022 , 10:45 AM

On Tuesday, Nifty Realty index outperformed with gains of more than 1% in the early morning session amid positive market cues ahead  of Union Budget session 2022-23 announcements today. Real estate has been a major contributor to the nation’s GDP and the sector expects positive outcomes to boost the growth and revive the sector after the Covid-19 and Omicron outbreak across the country. 

In a Union Budget session FY23, major tax-related reforms are expected for the real estate sector. However, the sector has witnessed recovery on the back of improved customer sentiment and developers pushing sale schemes after pandemic threat, investors are hopeful for alternatives like stimulus packages, and streamlined GST rates if possible in the sector.

Also, the government has introduced various liquidity schemes to make home-buying more lucrative in view of economy.

At around 10:45 AM, Nifty Realty was trading at 487.45 up 7.20 points or 1.5%, touching a high of 491.15 and low of 4781.55 during intraday trade.

Oberoi Realty led the pack being top bull, zoomed around 4%. Brigade surges 3.2% with Sobha and Indiabulls rose over 2% each to lead the gains.

Further, Prestige, Sunteck, DLF, Macrotech Developers (Lodha) and Godrej Properties led the charge and advanced around 1% each to lift the sectorial performance while Phoenix Mills was on the downside with marginal loss being the only loser in the sector.