Even as realty sector lags, large listed developers are gaining share

Most large players reported better than expected bookings in the September quarter; Oberoi and Sunteck the least leveraged

The BSE Realty sector has been one of the biggest losers among sectoral indices in 2018 so far, down over 38 per cent. About half of that loss has come over the last couple of months due to the liquidity problems facing non-banking financial companies (NBFCs). Construction financing was helping sustain the real estate sector amid slow movement of inventory and muted cash flows. The importance of NBFC funding can be gauged from the fact that while credit to the sector from banks grew at just under 5 per cent, NBFC funding increased at the rate of 45 per cent