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Property stocks gain on festival booking hopes
November 6, 2012 / 10:38 AM / 5 years ago

Property stocks gain on festival booking hopes

Reuters Market Eye - Property firms such as HDIL gain on hopes for a pickup in demand tied to the Diwali festival season in mid-November, a time considered auspicious in the country.

Buildings under construction are seen along the Mumbai skyline November 23, 2008. REUTERS/Arko Datta/Files

“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 (DLF.NS) gains 1.9 percent while Indiabulls Real Estate is up 3.6 percent.

Reporting by Rafael Nam

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