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Realty sector feels the heat

November 19, 2009

INDIAThe BSE Realty Index topped the list of sectoral losers on Thursday, with the index falling 4.3 percent as real estate stocks came under pressure.

Indiabulls Real Estate, HDIL and Unitech slipped over 5 percent each and ended as the top losers in the index. Phoenix Mills was the only counter on the index that closed in the green.

Shares in DLF, India’s top listed realty firm, fell 3.7 percent.

Manish Kumar, head of investments at ICICI Prudential Life Insurance, told Reuters he was shying away from the real estate sector given its sharp rise and valuations that are pricing in significant increase in execution.

What’s your take on this sector?

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