Bengaluru Real Estate Stocks Tumble as PM Modi Advocates Work from Home
Shares of major Bengaluru-based real estate companies declined on Monday amid growing market chatter around a possible return of Covid-era austerity measures such as work-from-home and virtual operations, following Prime Minister Narendra Modi's recent appeal to conserve fuel and foreign exchange amid global energy disruption triggered by the US-Iran conflict.
Brigade Enterprises fell 1.17% to Rs 749.35, while Prestige Estates Projects slipped 2.96% to Rs 1,462.70. Puravankara Limited also declined 2.20% to Rs 213.92 in Monday's trade. NIFTY Realty slipped 2.32% to 804.50, falling from the previous close of 823.60 during the afternoon session on Monday.
The selloff came after Modi, addressing a public meeting in Hyderabad on Sunday, suggested that India may need to revisit flexible and remote working models to manage rising global energy costs. 'During the Corona period, we adopted work from home, online meetings, video conferences, and developed many such systems. We had also become accustomed to them,' he said. 'Today, the demands of the times are such that if we restart these systems, it will be in the national interest. We must prioritize work from home, online conferences, and virtual meetings again. We must also place a strong emphasis on saving foreign exchange, as petrol and diesel have become so expensive globally,' he added.
The Prime Minister had also urged citizens to reduce fuel consumption through public transport, carpooling, and greater use of electric vehicles, citing the economic strain from rising crude oil prices amid ongoing geopolitical tensions. The broader debate around remote work has re-emerged as investors assess whether companies may again shift toward hybrid or work-from-home models if energy costs remain elevated due to the prolonged US-Iran standoff and volatility in global oil markets.
Meanwhile, the Forum For IT Employees has sought a clear government directive on the resumption of work from home across the sector. 'As PM Modi suggested Work From Home in his recent speech to help conserve fuel and reduce pressure during the energy crisis, the Central Government should immediately issue an official notification to companies to allow employees to work from home wherever possible. Simply advising people is not enough, because employees do not have the authority to decide WFH policies - companies do. A clear directive is needed to make this effective,' FITE said in a post on X.
Similarly, IT industry body NITES has also written to the Ministry of Labour and Employment seeking a mandatory work from home advisory for the IT and ITES sector, backing PM Modi's call for fuel conservation and reduction of unnecessary travel.
