Despite a strong rebound in the domestic currency and continued decline in crude oil prices, the key equity indices -- S&P BSE Sensex and Nifty50 -- traded on a negative note during the afternoon session of the trade.
Besides the financial sector, the real estate business may also face the heat due to the ongoing crisis in NBFC sector, triggered by IL&FS default.
Signature Global delivered its first affordable housing project in Gurugram and said it plans to launch six projects in 2018-19 with an investment of Rs 1,000 core.
With the Indian rupee under pressure for the past few months and declining to its lowest-ever levels, real estate players expect non-resident Indian, or NRI, investments in the sector to gain momentum.
Benchmark Sensex buckled under selling pressure for the third straight session Friday, capping off its worst month in over two-and-half years, as investors clamoured for the exit amid valuation and macro stability concerns.
Indian real estate market is expected to touch USD 1 trillion by 2030, becoming the third largest globally, a recent survey said.
The Nifty 50 index fell 62.05 points, or 0.54 per cent, to end at 11,520.30, its lowest closing level since August 17, 2018.
Construction firm HCC's real estate firm Lavasa Corporation will face insolvency proceedings with the NCLT today admitting plea of lenders of the debt-ridden realty firm. Lavasa Corporation Ltd is promoted by Hindustan Construction Company.
Quikr's real estate vertical has become profitable and its revenue is likely to more than double to about Rs 170 crore this fiscal driven by a series of acquisitions like HDFC Realty and CommonFloor.
The NSE benchmark Nifty finished at a fresh lifetime high of 11,582.75 points today on buying in IT, pharma, energy, infra, FMCG and realty stocks.