BSE Realty index underperform; Godrej Properties, Macrotech Developers among top losers

22 Mar 2022 , 03:15 PM

Shares of the Realty index is trading in the negative zone despite a surge in the broader market on Tuesday’s trade. The BSE Realty index was trading at 3,507.19, down 48 points or 1.36%, touching a low of 3,442.84 and a high of 3,558.85.

According to the media reports, CREDAI has threatened to stop work at its construction sites owing to the steep rise in rates of building materials which may directly impact the prices of flats and delay the possession schedules promised to the buyers.

CREDAI Maharashtra President said that the prices of cement, steel, sand, bricks and all other necessary building materials have been steadily escalating since over a year and have now skyrocketed to unaffordable levels.

Macrotech Developers, Godrej Properties, Phoenix, Brigade and Indiabulls Realty were among the top contributors to the index loss in today’s trade.

However, buying seen in DLF and Oberoi Realty is seen in the positive zone. Macrotech Developers (Lodha) is among the top index loser, down over 3.6%, followed by Indiabulls Real Estate, Brigade, Phoenix and Godrej Properties were down in the range of 1.5%-2%, respectively.

Meanwhile, the benchmark indices rebounded into the positive zone as buying interest in index heavyweights Reliance Industries, ITC and IT shares.