Nifty Realty index bounces back from lower levels

The real estate sector has been battered for the most part of the previous last three sessions since the announcement by the government to clampdown on black money by demonetising 500 & 1000 rupee notes causing a huge selloff in all the real estate sector stocks.

Real estate sector has been on the receiving end of this move, which by rough estimates is going to be affected negatively in the short to medium term due to the huge cash led transactions taking place in the sector currently.

It has been touted as one of the source where black money offenders convert their money into legitimate money by buying real estate properties. This is a crackdown, which has sent shivers down the spines of all the offenders.

For the long-term the impact would be positive as it would be bringing more transparency into the sector already benefited by the Real Estate bill which is at implementation stage at this point of time.

Real Estate sector was gaining in trade as it was up by 1.35 per cent at 161.85. Main gainers in trade were: -

Oberoi Realty- 4.6 %

Indiabulls Realty- 3.1 %

Phoenix Mills- 2.3 %

HDIL- 1.9 %

Prestige Estate- 1.75 %