$LODHA

Shares of leading real estate developers with substantial exposure to the Mumbai Metropolitan Region came under pressure on Wednesday after the Brihanmumbai Municipal Corporation (BMC) imposed stricter water conservation measures, including a halt to water supply for construction activities, amid a worsening water shortage caused by delayed monsoon rains. Lodha Developers led the decline, falling 3.64 per cent to Rs 903.80 in early trade. Oberoi Realty dropped 2.84 per cent to Rs 1,656.40, while Aditya Birla Real Estate slipped 1.33 per cent to Rs 1,298.20. Godrej Properties shed 1.29 per cent to Rs 1,771.30, and Mahindra Lifespace Developers declined 1.24 per cent to Rs 338.55. The sell-off followed the BMC’s decision to tighten water restrictions across Mumbai as reservoir levels continued to fall. According to the civic authority, water reserves in the seven lakes that supply the city had dropped to just 10.35 per cent of their total capacity as of June 16, prompting urgent conservation measures. Under the revised restrictions, the BMC announced that no new water connections would be issued for construction projects until further notice. Additionally, all temporary water connections currently serving construction sites across the city have been ordered to be suspended with immediate effect.