DLF, Sobha, Other Realty Stocks Plunge up to 6% amid Market Weakness, Mumbai Property Market Slump
On October 3, a market sell-off caused shares of real estate companies such as DLF, Sobha, Godrej Properties, Lodha, and others to drop as much as 6%. The decline coincides with a September decline in Mumbai’s registrations of residential units.
According to data, the number of dwelling units registered in Mumbai in September 2024 fell by 15% year over year (YoY) to 9,111 units as buyers postponed purchases in anticipation of a stamp duty decre
Additionally, the overall value of registered units fell by 22% YoY to almost Rs 14,600 crore. Mumbai has recorded 1.05 lakh units thus far this year, a YoY growth of 12%, and sales by value have increased by 6% to Rs 1.5 lakh crore.
Statewide, home registrations in Maharashtra decreased 14% YoY to about 1.08 lakh units in September 2024, per the Nuvama data.
