Key Points
Extending the rally of 2023, shares of real estate companies rose further up and clocked around 30% gains during the first week of 2024..
The S&P BSE Real Estate index gained more than 8% in a week, and the gauge hit an over 15-year high of 6820.59 points..
Godrej Properties, The Phoenix Mills, Prestige Estates Projects, and Sobha gained 11-30% so far this week..
Further, affordable real estate is seen picking up once interest rates start trending lower from current levels and the rural economy revives..
While strong pre-sales keep the implied forward earnings multiples relatively lower; anticipation of a strong residential cycle continuing over the medium term is now getting built into the valuation, Jefferies said.. (You can now subscribe to our ETMarkets WhatsApp channel)..
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