Nifty Realty gains 2%; Godrej Properties, Oberoi Realty rise up to 4%

Nifty Realty index gained 2 per cent in trade on Monday, December 2, 2024, after housing prices rose 11 per cent during the September quarter on strong demand. 

 

At around 1:54 PM, Nifty Realty was up 2.8 per cent at 1,020.15. In comparison, the NSE Nifty was up 0.16 per cent at 24,169.10. During the day Nifty Realty registered an intraday high at 1,043.15. On the index, 7 stocks advanced while 3 declined. 

 

Among others, Godrej Properties and Macrotech Developers (Lodha) gained over 3 per cent. DLF and Phoenix Mills advanced over 2 per cent. Brigade Enterprises, Oberoi Realty, and Prestige Estates were up over 1 per cent. 

 

As per a combined report by realtors' apex body CREDAI, real estate consultant Colliers and data analytic firm Liases, average housing prices across the top eight markets in India rose 11 per cent year-on-year (Y-o-Y) at Rs 11,000 per sq ft during Q3 (July-September) 2024, led by sturdy demand and positive market sentiments.

 

The average housing prices have increased for the 15th consecutive quarter since 2021. All the eight major cities saw an annual increase in housing prices, the consultant said.

 

Delhi-NCR witnessed the highest rise at 32 per cent Y-o-Y, followed by Bengaluru at 24 per cent Y-o-Y rise during the July-September period.

 

According to the data, the average housing prices in Delhi-NCR rose 32 per cent to Rs 11,438 per square feet during July-September this year from Rs 8,655 per square feet in the year-ago period. 

 

In Bengaluru, the rates appreciated to Rs 11,743 from Rs 9,471 per square feet. All the prices are based on carpet area.

 

Meanwhile, a Reuters poll showed average home prices in India are set to rise steadily over the coming years driven mainly by demand from wealthy individuals, while the rising cost of living will make owning a property unattainable for most people.

 

While India's middle class tightens its belt, cutting back on everything from tea to two-wheelers due to soaring consumer inflation, the richest 1 per cent who own 40 per cent of the country's wealth are snapping up homes in cities with well-paying jobs.

 

After rising 4.3 per cent last year, home prices in India - broadly referring to housing in major cities - were expected to rise 7.0 per cent this year, 6.5 per cent in 2025 and 7.5 per cent in 2026, median forecasts from the Nov. 12-29 survey of 12 property market experts showed.