Realty stocks see strong bounce-back after two-day correction

NEW DELHI: Realty stocks saw a rebound in the market on Thursday, as buying emerged following a sharp across-the-board correction over the past two days.

BSE Realty index was the top sectoral gainer, up nearly 5 per cent, with all constituent stocks trading in the green.

DLF rallied nearly 10 per cent in intraday trade. The company's arm DLF Home Developers has entered into a joint venture with a Singapore-based sovereign wealth fund, which will invest in two of its forthcoming projects in central Delhi. In a filing to BSE, the realty developer said, "GIC will invest a sum of approximately Rs 1,990 crore. The JV is expected to benefit from GIC’s experience of investing in integrated developments across the globe."

Housing Development Infrastructure surged over 8 per cent, while Indiabulls Real Estate gained about 8 per cent in trade. DB Realty added over 7 per cent, while Oberoi Realty rallied over 5 per cent.

Godrej Properties and Unitech spiked 5 per cent each.

Ashiana Housing rose 4 per cent, while NBCC and Sobha Developers gained over 3 per cent each.