Macrotech Developers recorded pre-sales growth of 34 percent to Rs 12,064 crore, thereby surpassing its guidance. The full year also saw addition of 12 new projects having nearly 14 million square feet of saleable area with gross development value of close to Rs 19,800 crore across various macro-markets of Mumbai Metropolitan Region, Pune and Bengaluru.
However, not all is good in the hood. The affordable segment is witnessing early signs of weakness due to its high sensitivity to a rate change which directly hits the loan eligibility. While the RBI paused rate hikes in its previous MPC meeting, it still wants to keep the doors open for more. Hence, the rate overhang is expected to continue in near term and market can expect a few more quarters of uncertainty. Although, demand in the luxury segment is robust and is the driving force for higher price realisation.
Nifty Realty is among the best performing indices in the past one month with gains of 10 percent, outperforming Nifty 50 which rose 3 percent.