Market has not been showing any signs of recovery yet. It has been reacting to weak global cues like subprime crisis, Yen carry trade, slowdown in US etc since second half of January. Due to this heavy selling pressure from FIIs, market sentiment has worsened; retail investors have not been showing any confidence. Due to this Sensex slipped below 15000 mark in the last week.

Stocks and sectors have collapsed like pack of card. Real estate sector is one of them, which was the worst hit; BSE Realty Index crashed 52% from its all time high of 13848.09. It has touched a low of 6,625.23 in today’s trade.

There is a big news, which impacted the Mumbai based realty players that Bombay HC dismissed petitions of developers on 'Declared Forest Land' in Mumbai. This Bombay HC Verdict is going to impact construction on 1000 acres land in Suburban Mumbai, Thane. The court has declared Kandivali, Mulund, Thane and Ghatkopar stretches as Forest land.

Pure real estate stocks, which got listed in the last two years, have been getting closer to its issue price or some are trading below issue price. There are nine pure real estate stocks, out of which 2/3 stocks have slipped nearly 40-50% below issue price. In the last bull run till January first half stocks were available at 52-week highs. But now the same stocks are cheaper by 50-70% from that 52-week high.

Omaxe has hit 52-week high of Rs 613 as against its issue price of Rs 310 and now it is trading at around Rs 182, down more than 70% from that high. Similar is the case with Parsvnath, Kolte Patil, Puravankara and many more…..

Company	Issue Price	Current Price (*)	% Gain / Loss	52-Wk High	% Gain / Loss
Sobha Developers	640	594.1	-7.17	1128	-47.33
Omaxe	310	181.25	-41.53	613	-70.43
Parsvnath Developers	300	173.5	-42.17	598	-70.99
Kolte-Patil Developers	145	80.4	-44.55	272	-70.44
Puravankara Projects	400	171.35	-57.16	535	-67.97
Brigade Enterprises	390	161	-58.72	428	-62.38
Orbit Corporation	110	322.5	193.18	1079.95	-70.14
Akruti City	540	680.35	25.99	1399	-51.37
DLF	525	599.65	14.22	1225	-51.05

* Price at 2 pm