homereal estate NewsGodrej Properties says a real estate bull run could leave them with Rs 10,000 crore in sales by March
Godrej Properties says a real estate bull run could leave them with Rs 10,000 crore in sales by March
The Nifty Realty index has rallied seven percent in the past month and 16 percent in the past six. Why? According to CNBC-TV18 research, the sector has shown its best performance in the past 10 years in the month of August, a month which traditionally shows lower registrations. Speaking to CNBC-TV18, Mohit Malhotra, MD & CEO at Godrej Properties said that a major bull run on the cards.
The real estate sector is on a rise and this is reflected in the Nifty Realty index which has rallied seven percent in the past month and 16 percent in the past six. According to CNBC-TV18 research, the sector has shown its best performance in the past 10 years in the month of August, a month which traditionally shows lower registrations.
A study by Knight Frank revealed that nearly 60 percent of registrations this month were in the price band of over Rs 1 crore, while the most preferred properties were homes between 500 and 1,000 square feet.
Speaking to CNBC-TV18, Mohit Malhotra, MD & CEO at Godrej Properties said, “Overall, the demand remains strong. We are on track to deliver, you know, again, a very good quarter. Sector demand has picked up, and the momentum is very strong.”
He added, “Our overall guidance for the year is we would like to deliver Rs 10,000 crore number and we are very strongly on track to deliver that.”
The real estate market was in a down cycle for the last 10 years and analysts believe that the cycle has turned which will lead to a bull run.
“The real estate business is a cyclical industry and one can expect another 10 years of a positive cycle. So I think, overall, it is a beautiful time in the industry. We are just at the beginning of a major bull run in the sector,” said Malhotra.
Inflation has cooled off versus earlier quarters as input costs have started easing. Steel prices have cooled off and this is especially good news for the sector.
For the full interview, watch the accompanying video
For a ball-by-ball commentary on how the markets are faring today (Sept 8, 2022), please click here
(Edited by : Abhishek Jha)
First Published: Sept 8, 2022 1:20 PM IST
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