In a dazzling display of market appetite, DLF Ltd., the nation’s real estate behemoth, achieved a feat that speaks volumes about the current dynamism in India’s realty landscape. The sale of its entire inventory, comprising 1,113 high-end luxury residential units, raking in a staggering ₹7,200 crore, underscores the robust demand prevailing in the real estate sector. Remarkably, this sell-out happened even before the official project launch, a trend reminiscent of a similar fervour witnessed in the previous year with DLF and many other real estate companies across India.
Record-breaking sales figures reported by industry giants such as Prestige Estate Projects Ltd. and Sobha Ltd. echo the sector’s potential for sustained growth. Real estate developers are reporting record presales even in the seasonally weakest quarter. The speed at which these luxury units were absorbed into the market not only signifies the sector’s resilience but also serves as an indicator of the impressive stock performance anticipated.
The broader Indian equity market, as mirrored by the Nifty 500, celebrated its fifth consecutive year in the green in CY23, boasting a 25.2 per cent gain. The last time we saw a negative return was in 2018, emphasising the resilience of the market even in the face of economic challenges. The realty index, in particular, emerged as a star performer, nearly doubling its value over the last nine months of the year. Key drivers behind this stellar performance include the RBI’s decision to maintain stable repo rates, a festive-driven economic cheer, a robust recovery in demand, and encouraging business updates from realty companies during the second quarter.
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