Real estate stocks surge after RBI says All-India House Price Index grows to 3.8% in Q3FY24
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The real estate industry related stocks surged on the BSE after the Reserve Bank of India (RBI) in its latest report has showed that All-India house price index (HPI) increased by 3.8 per cent year on year (y-o-y) in Q3:2023-24 (Q3FY24) compared to 3.5 per cent growth in the previous quarter and 2.8 per cent a year ago.
Macrotech Developers is currently trading at Rs. 1142.00, up by 26.35 points or 2.36% from its previous closing of Rs. 1115.65 on the BSE.
DLF is currently trading at Rs. 916.60, up by 13.50 points or 1.49% from its previous closing of Rs. 903.10 on the BSE.
Sobha is currently trading at Rs. 1620.00, up by 42.95 points or 2.72 % from its previous closing of Rs. 1577.05 on the BSE.
According to the report, Chennai emerged as the city with the highest growth rate at 8.4 per cent, while Kochi saw the most negligible growth at just 0.6 per cent. On a sequential (q-o-q) basis, all-India HPI increased by 1.6 per cent in Q3:2023-24. It said among the ten cities, six (viz., Delhi, Mumbai, Chennai, Bengaluru, Ahmedabad and Kochi) recorded a rise in house prices during the latest quarter.
The quarterly house price index released by RBI for Q3:2023-24, based on transaction-level data received from the registration authorities in ten major cities. The HPI serves as a vital barometer for the health of the real estate sector, a sector that significantly influences the broader economy through its connections to construction, finance, and consumer spending.
