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Business News/ Markets / Stock Markets/  Ashiana Housing stock skyrockets 19% after company sells 224 luxury flats in just 15 minutes
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Ashiana Housing stock skyrockets 19% after company sells 224 luxury flats in just 15 minutes

Ashiana Housing shares surged by 19% to reach a new high of ₹398.75, closing at ₹382.50. This rally came after the company sold 224 luxury flats in Gurugram for ₹440 crore within 15 minutes of launch. It reported a significant increase in the value of area sold, reaching ₹862.53 crore in Q4.

Multibagger stock: Over the last one year period, shares of Ashiana Housing have appreciated from ₹175 apiece to the current price of ₹382.50, resulting in a massive gain of 118.6%. (Mint)Premium
Multibagger stock: Over the last one year period, shares of Ashiana Housing have appreciated from 175 apiece to the current price of 382.50, resulting in a massive gain of 118.6%. (Mint)

Ashiana Housing, one of leading real estate firms in India, saw its shares surge by 19% to reach a new all-time high of 398.75 apiece during today's trading session, before finishing the trade at 382.50 apiece, an uptick of 14.33%.

This impressive rally has propelled the stock to deliver multibagger returns, with an increase of 118.60% over the past year and an impressive surge of 186% over the span of three years.

The remarkable performance observed today follows an announcement made by the company on Saturday, revealing that it successfully sold 224 luxury flats in Gurugram for a staggering 440 crore within a mere 15 minutes of its launch, PTI reported. 

Also Read: This PSU real estate stock is up 260% in a year. Are there more gains ahead?

"We are very happy with the incredible response to the Ashiana Amarah phase 3 launch. We started registration at 11 a.m., and we had received 800 cheques for 224 units by 11.15. In 15 minutes, it was oversubscribed four times," Ashiana Housing Joint Managing Director Ankur Gupta said.

He attributed the oversubscription to the company's brand value and execution track record.

The demand for luxury flats in India is on the rise, propelled by an increase in disposable income among the population. As individuals become wealthier, they are more inclined to invest in upscale residences that offer amenities and luxuries beyond what standard housing provides.

Also Read: Macrotech Developers yielded 160% return in a year, gained over 400% in 3 years

This trend is particularly pronounced in major metropolitan areas like Mumbai, Delhi, and Bangalore, where affluent segments are willing to pay premiums for luxurious accommodations.

Additionally, shifts in lifestyle preferences contribute to the surge in demand for luxury flats. With globalisation, Indian consumers are exposed to global standards of living and aspire to modern, cosmopolitan lifestyles. This entails a desire for residences equipped with top-tier amenities for entertainment, fitness, and relaxation, all conveniently located within their living spaces.

Consequently, there is a growing preference for homes that offer high levels of comfort, convenience, and luxury to meet evolving lifestyle demands.

Also Read: Puravankara: After 235% gains in last 1 year, Yes Securities sees another 86% upside in this realty stock; here's why

In its Q4FY24 business update, the company reported a significant increase in the value of area sold, reaching 862.53 crore, marking a notable 98% improvement compared to 435.82 crore in the same quarter of the previous year. For the entire fiscal year of FY24, the value of area sold amounted to 1,798.22 crore, surpassing the FY23 figure of 1,313.43 crore.

Furthermore, in Q3 FY24, the company witnessed remarkable growth in net profit, surging more than threefold to 28 crore. Concurrently, net sales experienced a robust increase of 44% year-over-year, reaching 184 crore.

Also Read: Six realty stocks delivered 100%-235% returns in FY24. Do you own any?

 

Disclaimer: We advise investors to check with certified experts before taking any investment decisions.

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Published: 15 Apr 2024, 05:08 PM IST
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