MARKET EYE-Indian property stocks gain on festival booking hopes

Tue Nov 6, 2012 3:22pm IST

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A statue of Ganesh, the deity of prosperity, is carried in a taxi to a place of worship on the first day of the ten-day-long Ganesh Chaturthi festival in Mumbai August 29, 2014. REUTERS/Danish Siddiqui

Ganesh Chaturthi Festival

During Ganesh Chaturthi idols will be taken through the streets in a procession accompanied by dancing and singing, and will be immersed in a river or the sea in accordance with Hindu faith.  Slideshow 

* Property firms such as Housing Development & Infrastructure
Ltd gain 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 surges 6 percent, DLF gains 1.9 percent while
Indiabulls Real Estate is up 3.6 percent.

 (Reporting by Rafael Nam)
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