MUMBAI: Shares of real estate companies are in focus, surging up to 10% after Sobha Developers have recorded good set of sales numbers for the month of September.
Sobha Developers, Peninsula Land, Presitge Estates, Housing Development and Infrastructure Limited (HDIL), Anant Raj Industries, Indiabulls Real Estate, Godrej Properties, D B Realty, Unitech and DLF are up 2-9% on the Bombay Stock Exchange (BSE). The BSE realty index was up 2.3% as compared to 0.35% rise in benchmark index at 1245 hours.
Sobha Developers, the largest gainer among realty pack, up 10% to Rs 318 after the company said its new sales rose 6.38% to one million square feet for the quarter ended September 2013 (Q2 FY 2014) over the previous year.
Despite the existing macroeconomic uncertainties of GDP growth, interest rates and inflation, the company remains hopeful in achieving its guidance for the current fiscal, Sobha Developer said in a statement.
The company said its average price realisation rose 13.07% to Rs 6,304 per square feet in Q2 FY 2014 over the previous year. Sales value grew 19.89% to Rs 632.30 crore in September quarter on year-on-year basis.
Sobha said that the management at the beginning of the fiscal had set a guidance of new sales area of 4.2 million square feet (msf) valued at Rs 2,600 crore for the current fiscal (FY 2014). At the end of first half of FY 2014, the company looks poised to achieve the target, having registered new sales area of 1.92 msf valued at Rs 1,235 crore, Sobha said in a statement.Among the other real estate stocks, Prestige Estates and Peninsula Land are up 7% each at Rs 126 and Rs 29 respectively on the BSE.