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« Time for State Govt to Get into Act- Developers | Home | 20 Percent Job Cut Expected in Real Estate Sector »

Gain for DLF and Unitech

DLF Ltd. and Unitech Ltd. led gains in Indian developers after Housing Development Finance Corp., the nation’s biggest home mortgage lender, and State Bank of India lowered interest rates on loans. DLF Ltd., the nation’s biggest real estate developer, rose to the highest in two months, gaining 3.9 percent to 319.75 rupees as of 11:15 a.m. in Mumbai trading. Unitech, the second- biggest developer, gained 8.6 percent to 48.05 rupees, the highest in more than a month. The Realty Index of the Bombay Stock Exchange added 4.3 percent to its highest level since Oct. 21. The index has climbed 60 percent over the past four weeks, the biggest monthly rise since it was set up in July last year.

Mumbai-based Housing Development Finance said it is cutting its prime lending rate by 50 basis points to 10.25 percent for loans of up to 2 million rupees ($42,323) from today. The rate on loans of more than 2 million rupees was reduced to 11.25 percent. The central bank cut its key rate three times since October, to 6.5 percent from 9 percent, to increase borrowing by companies and individuals as the global financial crisis slows India’s economic growth.

“Interest rates and property prices have fallen and could decline more, lifting sales volumes and addressing liquidity concerns of developers,” said Rupesh Sankhe, an analyst with Centrum Broking Pvt. in Mumbai. State Bank of India, the nation’s biggest lender, on Dec. 20 said it will lower lending rates by 75 basis points for its top- rated borrowers from Jan. 1. State-run banks had on Dec. 15 decided to offer home loans of up to 500,000 rupees at 8.5 percent. The rate will be limited to 9.25 percent for borrowers seeking loans of 500,000 rupees to 2 million rupees for a five-year term from these banks.

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