A look back at the week in real estate news.
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A look at key developmentsThe Indian stock market opened down nearly 3% on Wednesday, with a major rally in the Nasdaq.
Shares in Mumbai’s top four listed companies jumped more than 20% in after-hours trading, including two of India’s biggest real estate companies, Vadodara Housing Corp. and Nandajan Properties, which were the fastest-rising sectors in the country on Wednesday.
India’s biggest property developer, Airtel, said it would start leasing its residential properties in India later this year.
Airtels share price fell 5.5% after its shares fell more than 10% on Thursday.
Vadodar Housing’s shares were down more than 5% after the housing company reported weak financial results.
The company reported net income of Rs 533 crore, down from Rs 618 crore the previous year.
Vadsara said the results were the first negative quarterly results since it began leasing properties in February 2017.
Vadsara has already started the process of buying up existing properties, and will soon launch new residential units, the company said.
Nandajans share price rose after the company reported an operating loss of Rs 1.2 billion.
Nandaji said it expects its net income to be in the range of Rs 600 crore to Rs 700 crore, based on guidance.
Vadodi’s shares fell after the government’s latest policy decision to scrap diesel subsidies and impose fuel surcharges on diesel-powered vehicles.
The government also announced a new excise duty of Rs 6 per litre on petrol and diesel-based cars and petrol for diesel-equipped vehicles.
The government said that the new levy would be levied from the end of September.
The levy is aimed at helping the poor pay their fair share.