Booming realty shares in India yet to win over BNP Paribas
Mumbai
PROPERTY developers have beaten every industry group on India's benchmark equity index this year, but BNP Paribas Asset Management India Pvt isn't impressed.
A gauge of realty stocks has soared 62 per cent since Jan 1, almost five times the climb in the S&P BSE Sensex, as the government took steps to bolster the industry that was one of the worst hit by its cash ban in November. "They have moved up sharply, but we have our reservations," said Karthikraj Lakshmanan, a senior fund manager of equities at BNP Paribas. "Our focus is on whether a developer has been able to generate cash flow and deleverage. That we haven't seen in a meaningful way."
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
Homebuyers shun new real estate in Vancouver, hurting builders
US pending home sales jump in March to hit highest in the year
Blackstone strikes US$1.6 billion student housing deal with KKR
European real estate deals slump to lowest level in 13 years
Singapore Q1 industrial rents rise further as occupancy dips and prices fall: JTC
Condo resale volumes rebound in March; prices inch up 0.4%: SRX, 99.co