Property stocks gain on festival booking hopes

Property stocks gain on festival booking hopes

Property firms such as HDIL gained on hopes for a pickup in demand tied to the Diwali festival season in mid-November, a time considered auspicious in the country.

"Real estate stock valuations are cheap, huge difference between stock valuations and project valuations, festive demand is tepid but prices are not falling," said Hiten Gala, a senior manager advisory at Brokerage Sharekhan, listing reasons for the rally.

HDIL surged 6 per cent, DLF gained 1.9 per cent while Indiabulls Real Estate closed 3.6 per cent higher.


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