Nobody would have thought of buying into property stocks less than 6 months ago, said Mehraboon J Irani, Managing Director and Chief Executive Officer CEO of Gini Gems Consultants in an interview to CNBC-TV18.

Speaking about real estate space, Irani said, “Nobody would have thought of buying into property stocks less than 6 months ago and now a whole lot of things and deals have happened. Some of the property stocks have shot up sharply. So considering the fact that the outlook, while it is not as bad as one have thought some months ago, I would wait for some more clarity before buying them.”

Better proxies would be some of the housing finance companies especially companies like HDFC, he added.

“There are Godrej Properties and Oberoi Realty but all these companies have shot up too sharply. So it’s not an easy bet right now but the fact is they went sharply because we all were very negative.”

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(Edited by : Ajay Vaishnav)

First Published:Jan 8, 2021 10:38 AM IST