India Real Estate & REITs – Weekly Snapshot- 29 Nov 2025

DLF, Lodha, Godrej Properties, Oberoi, Prestige, Phoenix Mills, Brigade, Sobha, Sunteck and Signature Global all had a weak week, with only Signature Global showing a small weekly gain and most others down 2–5%. Valuations (P/E) are generally rich across the board, with especially high multiples for Prestige, Sobha and Signature Global, implying elevated growth expectations.

Large-cap realty: weekly snapshot

Company	Last Week Close (₹)	This Week Close (₹)	Weekly Change	52W High (₹)	52W Low (₹)	Market Cap (₹)	P/E (approx)
DLF Ltd	764.85	725.35	-5.16% ▼	896.60	601.20	1.79 T	41.9–46.4
Lodha Developers (Macrotech)	1,209.50	1,176.80	-2.77% ▼	1,531.00	1,035.15	1.20 T	~34–36
Godrej Properties	2,195.80	2,090.90	-4.77% ▼	3,015.90	1,900.00	~640 B	~41–42
Oberoi Realty	1,752.40	1,655.40	-5.55% ▼	2,343.65	1,451.95	~621 B	~27–29
Prestige Estates	1,744.90	1,688.50	-3.27% ▼	1,900.00	1,048.05	~740 B	~94–98
Phoenix Mills	1,736.40	1,698.00	-2.22% ▼	1,902.00	1,392.10–1,402.50	~614 B	~58
Brigade Enterprises	944.20	898.70	-4.81% ▼	1,340.50	852.00	~226 B	~28
Sobha Ltd	1,573.80	1,529.10	-2.86% ▼	1,732.50	1,075.30	~166 B	~114
Sunteck Realty	442.40	418.70	-5.33% ▼	545.00	347.00	~63 B	~36
Signatureglobal (India)	1,112.40	1,116.80	+0.39% ▲	1,414.80	988.00	~158 B	~202

DLF Ltd

DLF trades meaningfully below its 52-week high, with a roughly 5% weekly decline suggesting near-term profit booking or sector weakness.
P/E in the low-to-mid 40s and large market cap make it a relatively stable, blue-chip realty name, but upside relies on sustained earnings growth to justify valuation.

Lodha Developers (Macrotech)

Lodha saw a moderate weekly dip of under 3%, staying comfortably above its 52-week low and reasonably below its high, indicating consolidation after a strong run.
With P/E in the mid-30s and better operating metrics (ROCE and profit growth) than many peers, it screens as a growth play at a somewhat more reasonable valuation than ultra-expensive names.

Godrej Properties

Godrej Properties declined nearly 5% on the week and trades well below its 52-week high, reflecting derating despite strong historical profit growth.
The P/E around low-40s and lower ROE/ROCE than some peers imply that a lot of growth is already priced in, making execution on launches and cash flows critical.

Oberoi Realty

Oberoi had one of the larger weekly drops (about 5.5%) yet remains not far above its 52-week low, showing more pronounced recent pressure.
Despite this, its P/E in the high-20s is among the lowest in this basket, paired with relatively strong ROCE, making it look relatively better on risk–reward vs high-multiple peers.

Prestige Estates

Prestige fell just over 3% this week but still trades close to its 52-week high, suggesting investors continue to pay up for its growth story.
The P/E near 95–100 is extremely rich and combined with modest long-term sales growth and lower interest coverage, the stock is highly sensitive to any slowdown or margin compression.

Phoenix Mills

Phoenix Mills eased about 2% and remains within sight of its 52-week high, indicating resilience compared with several residential-focused peers.
A P/E near 58 and high price-to-book reflect strong expectations from its retail and mixed-use assets; however, this leaves limited margin of safety if consumption or leasing softens.

Brigade Enterprises

Brigade lost nearly 5% over the week and trades closer to its 52-week low than high, pointing to underperformance among the mid-cap developers.
With a P/E around the high-20s and decent ROCE, valuation looks more moderate; if pre-sales and commercial leasing hold up, it could benefit more if sentiment toward the segment improves.

Sobha Ltd

Sobha slipped about 3% but is still not very far from its 52-week high, showing that the market is still optimistic despite recent correction.
The triple-digit P/E and high price-to-earnings relative to its balance sheet quality make the stock very vulnerable to any disappointment in cash generation or debt reduction.

Sunteck Realty

Sunteck saw one of the sharpest weekly declines at over 5%, and the price is significantly below its 52-week high, reflecting weak near-term sentiment.
Even with a mid-30s P/E, growth has to accelerate and execution in its Mumbai-region projects must stay strong to attract fresh institutional flows.

Signature global (India)

Signature global was the only stock in this set to close the week positive, albeit marginally, and still trades well below its 52-week high, suggesting ongoing consolidation post-IPO rerating.
The P/E above 200 is by far the highest in the group, implying extremely aggressive growth assumptions; any delay in project deliveries or margin pressure could trigger sharp de-rating.

Most of these mid & small-cap realty names saw mild weekly declines, with Pansari Developers and Ajmera Realty & Infra bucking the trend on the upside. Valuations are generally elevated (often 40–80x P/E or even loss-making), so stock selection needs to balance growth visibility with balance-sheet strength and liquidity.

Mid & small-cap real estate: weekly snapshot

Company	Last Week Close (₹)	This Week Close (₹)	Weekly Change	52W High (₹)	52W Low (₹)	Market Cap	P/E (approx)
Atal Realtech	24.68	23.99	-2.77% ▼	25.88	11.15	₹2.9–3.1 B	~82–84
Pansari Developers	270.40	311.60	+15.31% ▲	352.30	142.05	~₹5.2–5.7 B	~40–44
Future Market Networks (FMNL)	11.39	10.86	-4.82% ▼	28.17	8.95	~₹0.6–0.65 B	P/E not meaningful / negative
Arihant Superstructures	376.40	368.25	-2.16% ▼	553.60	343.00	~₹15–16 B	~44–47
Kolte-Patil Developers	415.60	392.25	-5.62% ▼	497.55	239.00	~₹33–35 B	~44–45
Puravankara	260.15	242.65	-6.74% ▼	463.70	208.70	~₹58–59 B	Negative (loss-making; P/E not meaningful)
Mahindra Lifespace Developers	392.20	388.75	-0.89% ▼	474.99	256.06	~₹81–89 B	~52
Anant Raj	616.10	610.45	-0.90% ▼	947.90	376.15	~₹207–222 B	~42–45
TARC Ltd	141.07	135.46	-3.90% ▼	232.50	103.22	~₹40–41 B	Negative (loss-making; P/E not meaningful)
Ajmera Realty & Infra India	985.30	990.70	+0.55% ▲	1,224.90	681.55	~₹39–40 B	~30–31

Atal Realtech

Atal Realtech corrected about 2–3% on the week but trades very close to its 52-week high, indicating the broader trend remains strong despite short-term volatility.
The P/E above 80 on a sub-₹3 billion market cap suggests a high-risk, high-expectation micro-cap where liquidity and execution risk are material.

Pansari Developers

Pansari Developers delivered a standout weekly gain of over 15%, moving closer to its 52-week high and signalling strong near-term momentum and buying interest.
With a P/E around 40–44 and moderate market cap, the valuation is rich but not extreme relative to peers, making sustained earnings growth and project execution key to justify the re-rating.

Future Market Networks (FMNL)

Future Market Networks declined nearly 5% during the week and trades very close to its 52-week low with a tiny market cap, indicating weak sentiment and speculative nature.
Earnings are currently not supportive (P/E not meaningful), so the stock behaves more like a turnaround or asset-value bet rather than a stable earnings compounder.

Arihant Superstructures

Arihant Superstructures slipped about 2% and is trading not far above its 52-week low compared with a much higher high, reflecting a sharp derating from earlier peaks.
A mid-40s P/E on a mid-teen billion market cap implies that the market still prices in decent growth but is more cautious than during the prior rally.

Kolte-Patil Developers

Kolte-Patil Developers had one of the steeper weekly falls at over 5%, and the stock sits well below its 52-week high, suggesting profit taking or concern on order-book visibility.
With a P/E in the mid-40s and sizeable balance sheet, the name is not cheap; investors will look for strong pre-sales and margin resilience before paying a higher multiple.

Puravankara

Puravankara dropped nearly 7% week-on-week and trades at almost half of its 52-week high, showing significant recent weakness despite still being above its 52-week low.
The company is currently loss-making (negative P/E) even with a sizable market cap, so the thesis is more about a turnaround and operating leverage than about current earnings stability.

Mahindra Lifespace Developers

Mahindra Lifespace Developers saw a mild weekly decline under 1% and remains comfortably above its 52-week low, reflecting relatively steady sentiment within the mid-cap space.
Backed by a strong promoter group and carrying a P/E above 50, the valuation assumes robust growth and execution in both residential and industrial/SEZ projects.

Anant Raj

Anant Raj slipped marginally this week and trades somewhere between its high and low but after a very strong multi‑year price CAGR, suggesting only a modest recent cooling.
With a low-40s P/E, high sales and profit growth and improving operating margins, the stock is priced as a growth compounder, though ROE and ROCE are still only in the low double digits.

TARC Ltd

TARC declined nearly 4% during the week and trades far below its 52-week high, indicating continued derating and possibly concerns over earnings visibility.
Negative P/E and mid-sized market cap mean investors are effectively betting on a future earnings recovery; balance-sheet strength and cash flow will be critical here.

Ajmera Realty & Infra India

Ajmera Realty & Infra India gained modestly (around 0.5%) for the week and trades reasonably below its 52-week high, showing resilience compared with several peers.
A P/E around 30 on a roughly ₹40 billion market cap is relatively moderate in this basket, putting it between speculative high-multiple names and distressed turnaround stories.

All three listed REITs had a positive to mixed week, with Embassy Office Parks REIT showing the strongest up-move, Mindspace Business Parks REIT edging higher, and Brookfield India REIT slightly down on the week despite a positive last trading day. Prices are close to their 52-week highs, suggesting improved sentiment toward Indian office REITs as yields look relatively attractive versus fixed income and many uncertainties around office demand are partly priced in.

REITs weekly performance snapshot

REIT	Last Week Close (₹)	This Week Close (₹)	Weekly Change	52W High (₹)	52W Low (₹)	Market Cap (₹ Cr)	Recent Daily Volume (units)
Mindspace Business Parks REIT	460.38	466.90	+1.41% ▲	474.88	354.30	27,960	1,31,870
Brookfield India REIT	337.99	327.15	-3.18% ▼	355.38	270.87	21,664	3,43,940
Embassy Office Parks REIT	415.71	433.42	+4.25% ▲	437.00	342.10–342.55	40,660	10,830

Mindspace Business Parks REIT

Mindspace Business Parks REIT gained about 1.4% for the week and is trading just below its 52-week high, with units well above the 52-week low, indicating a sustained recovery trend.
With a market cap around ₹28,000 crore, moderate leverage and a unit yield in the mid-single digits, it is positioned as a relatively stable office REIT, though returns are sensitive to interest rates and Grade-A office demand.

Brookfield India REIT

Brookfield India REIT declined roughly 3.2% this week, pulling back from near its 52-week high, but remains comfortably above its 52-week low, suggesting only a minor correction within an improving trend.
The REIT owns large integrated office parks across key cities and has been expanding through acquisitions; while this supports growth, a relatively lower interest coverage versus peers makes funding costs and occupancy levels important watchpoints.

Embassy Office Parks REIT

Embassy Office Parks REIT rose about 4.3% this week and now trades extremely close to its 52-week high, highlighting strong current investor appetite for its portfolio.
As India’s first listed REIT with the largest office portfolio (over 50 million square feet), it offers scale and diversification, which can support relatively resilient distributions, but valuations may be less forgiving if rentals or occupancy soften.

Read last week data and analysis for reference here:https://beestates2021.blogspot.com/2025/11/real-estate-weekly-market-overview-root.html

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