Realty Stocks Surge in November As Demand Normalize

  • Stock Market News
Realty Stocks Surge in November As Demand Normalize
Credit: © Reuters.

By Aditya Raghunath -- Realty stocks had suffered in a major way during the early days of the pandemic with a lot of stocks falling between 35%-50%. However, the last month has seen realty stock prices surge in a big way as the companies reported good numbers for the second quarter of FY21.

Oberoi Realty (NS: OEBO ) was trading at Rs. 440 on November 2 and today is at Rs. 501, up almost 14%. DLF (NS: DLF ) is up over 20% from its November 2 price of Rs. 164 and is currently at Rs. 198. Brigade Enterprises (NS: BRIG ) is up over 25% and is trading at Rs. 227 compared to Rs. 181 on November 2. The Phoenix Mills Ltd. (NS: PHOE ) is trading at Rs. 770, up 36% compared to Rs. 564 on November 2.

A Knight Frank report published recently said that India’s office market is expected to remain resilient in 2021 with Bengaluru even seeing an increase in rental values. Mumbai and Delhi (NCR region) are likely to remain stable. A lot of offices are still closed, especially in the private sector, but as hopes for a vaccine rollout grow, it is expected that companies will start looking for office space again.

Residential markets in India’s three major cities are also likely to remain stable. However, there is a chance of prices going up once borders re-open and foreign buyers come back into the market.

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