The realty space is seeing some brisk buying for the second successive session, with investors betting on hopes that top realty companies will see increased sales in coming quarters.
It is widely felt that the Real Estate Regulation Act and the implementation of Goods and Services Tax are contributing to the improved sentiment of investors with regard to the realty sector.
From the ten-stock Nifty Realty index, only Phoneix (down 0.6%) and Oberoi Realty (down marginally) are currently in negative territory. Unitech is flat, with reports that the Supreme Court has denied bail to Sanjay Chandra and held that he would have to prove his bona fides by depositing at least Rs 1000 crore, which could be used to refund home buyers.
It may be noted that a total of nearly 4700 home buyers are claiming a refund of Rs 1865 crore from Unitech in various projects undertaken by the real estate company.
Sobha, a stock strongly recommended by CLSA with a buy rating, tops the list of Nifty Realty gainers. At Rs 538, off the day's high of Rs 551.05, the stock is now up 4.7% from previous closing price. It had hit a record high of Rs 553.10 on Monday.
The stock's rise in recent sessions is due to stellar sales growth in the second quarter. The realtor said it sold projects worth Rs 593 crore in the quarter, the highest in the past ten quarters.
Godrej Properties is gaining about 4.3% at Rs 690, off a 52-week high of Rs 697.35 it had touched earlier in the session.
Prestige is up 4.3%, at Rs 290.85 not far off from the day's high of s 295.65 and a 52-week high of Rs 306. Brigade Enterprises is up 2.75%, HDIL is adding 2.5%, Indiabulls Real Estate is up 1.5% and DLF is advancing 1.3%.
The Nifty Realty index is up 1.8% and the BSE Realty index is up with a gain of 1.7%.
Among other stocks in the realty space, Prozone Intu Properties is up with a hefty gain of 14.4%. Delta Corp, PNC Infratech, Ajmera Realty, Anant Raj and Marathon Realty are up 2% - 3.5%. Brigade Enterprises is gaining about 1.7%. Puravankara is up with a marginal gain.
Kolte-Patil Developers, which hit a new 52-week high of Rs 271.25 earlier in the session, is currently down 2.2% at Rs 258. Sunteck Realty is also lower by more than 2%.
