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The April-June quarter is unlikely to spell any cheer for real estate companies, whose stocks have been underperforming the market for a while now. Soaring interest rates have hit real estate companies on two fronts: it has pushed up their borrowing costs and at the same time, prompted many potential buyers to defer their purchases. Still developers with deep pockets, are refusing to slash prices though it is hurting sales in the short term, as demand still continues to outstrip supply.
And while at the broader level, the first quarter numbers are likely to be dismal , some companies like Godrej Properties, Sobha Developers, DLF, and Oberoi Realty could positively surprise the market, say brokerages.
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