India Real Estate & REITs
Weekly Snapshot – 26 December 2025
By Arindam Bose
⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡
Indian real estate equities closed the holiday-shortened week in a narrow, range-bound fashion, reflecting a market that is no longer reacting emotionally to corrections—but also unwilling to chase upside. Large-cap developers largely oscillated within recent ranges, mid and small caps saw selective rebounds driven by liquidity, and REITs showed early signs of stabilisation after recent consolidation.
This was not a breakout week.
It was a price-discovery and digestion week.
⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡
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 | 691.20 | 695.00 | +0.55% ▲ | 886.80 | 601.20 | 1.72 T | 40 |
| Lodha Developers | 1,090.20 | 1,073.50 | -1.53% ▼ | 1,531.00 | 1,035.15 | 1.08 T | 34–36 |
| Godrej Properties | 2,044.80 | 2,002.60 | -2.06% ▼ | 2,917.05 | 1,900.00 | 604 B | 41 |
| Oberoi Realty | 1,675.30 | 1,680.60 | +0.32% ▲ | 2,343.65 | 1,451.95 | 608 B | 26–27 |
| Prestige Estates | 1,624.10 | 1,609.60 | -0.89% ▼ | 1,814.00 | 1,048.05 | 697 B | 90 |
| Phoenix Mills | 1,831.30 | 1,850.40 | +1.04% ▲ | 1,871.00 | 1,402.50 | 663 B | 59 |
| Brigade Enterprises | 866.95 | 880.05 | +1.51% ▲ | 1,338.70 | 838.50 | 215 B | 27 |
| Sobha Ltd | 1,465.10 | 1,479.60 | +0.99% ▲ | 1,732.50 | 1,075.30 | 158 B | 105 |
| Sunteck Realty | 391.35 | 403.95 | +3.22% ▲ | 545.00 | 347.00 | 60.6 B | 35 |
| Signature Global | 1,146.50 | 1,138.60 | -0.69% ▼ | 1,414.80 | 988.00 | 160 B | 207 |
⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡
Company notes — Large cap
DLF Ltd
Stabilised marginally after recent weakness. The decline in P/E toward 40 suggests incremental comfort on valuation, but the stock remains firmly range-bound. The market appears to be waiting for visible acceleration in cash flows, not just balance-sheet strength.
Lodha Developers (Macrotech)
Drifted lower despite relative valuation comfort versus peers. The inability to hold above ₹1,100 reinforces that sentiment remains cautious after December’s sharp correction. Stability, not re-rating, is the current theme.
Godrej Properties
Extended its gradual slide and now trades closer to the lower end of its recent band. With valuations still above 40x earnings, the market is clearly demanding clean execution and delivery consistency.
Oberoi Realty
Continues to stand out for its steadiness. A sub-30 P/E, strong balance sheet, and disciplined capital deployment keep the risk–reward relatively attractive within large caps.
Prestige Estates
Remained under pressure. Despite scale and diversification, the near-90 P/E leaves little room for disappointment. The market is slowly compressing multiples rather than panicking.
Phoenix Mills
Inched higher and remains near its 52-week high. The strength reflects confidence in annuity-style retail cash flows, but valuation comfort is thin at current levels.
Brigade Enterprises
Saw a modest rebound from recent lows. Valuation is reasonable relative to peers, but sustained upside will require clearer signals on residential momentum and leasing traction.
Sobha Ltd
.png)
Continued a slow recovery. However, triple-digit valuation keeps the stock highly sensitive to debt reduction and execution metrics.
Sunteck Realty
Recovered meaningfully this week, but valuation expansion into the mid-30s P/E zone suggests optimism may be running ahead of fundamentals. Institutional conviction remains tentative.
Signature Global (India)
Corrected mildly after last week’s gains. With P/E still above 200, the stock remains one of the most valuation-sensitive names in the sector, pricing in near-flawless execution.
⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡
Mid & small-cap real estate: weekly snapshot
| Company | Last Week Close (₹) | This Week Close (₹) | Weekly Change | Market Cap | P/E |
|---|---|---|---|---|---|
| Atal Realtech | 25.25 | 25.40 | +0.59% ▲ | ₹3.16 B | 89 |
| Pansari Developers | 299.50 | 309.15 | +3.22% ▲ | ₹5.27 B | 40 |
| Future Market Networks | 8.79 | 9.04 | +2.84% ▲ | ₹0.55 B | NM |
| Arihant Superstructures | 305.80 | 326.65 | +6.82% ▲ | ₹13.6 B | 40 |
| Kolte-Patil Developers | 390.40 | 393.00 | +0.67% ▲ | ₹34.7 B | 46 |
| Puravankara | 236.54 | 246.80 | +4.34% ▲ | ₹59.2 B | Loss-making |
| Mahindra Lifespace | 399.45 | 391.55 | -1.98% ▼ | ₹84.9 B | 44 |
| Anant Raj | 551.60 | 554.65 | +0.55% ▲ | ₹204 B | 39 |
| TARC Ltd | 147.27 | 160.41 | +8.92% ▲ | ₹44.3 B | NM |
| Ajmera Realty | 918.80 | 965.00 | +5.03% ▲ | ₹37.2 B | 29 |
⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡
Company notes — Mid & small cap (Individual analysis)
Atal Realtech
Remains near its 52-week high after last week’s sharp rally. While price stability suggests continued speculative interest, valuation approaching 90x earnings leaves very little margin for error. Any slowdown in execution or liquidity withdrawal could trigger sharp reversals.
Pansari Developers
Recovered after last week’s decline. Thin trading volumes continue to exaggerate price movements, making the stock highly sentiment-driven. Valuation near 40x earnings limits comfort despite recent resilience.
Future Market Networks (FMNL).png)
.png)
Continues to hover near its 52-week low. Despite a marginal rebound, the absence of earnings visibility keeps the stock firmly in speculative territory. Price action remains disconnected from fundamentals.
Arihant Superstructures
Outperformed this week with a strong rebound from recent lows. However, valuation has expanded toward 40x earnings, reflecting optimism that may be running ahead of near-term growth visibility. Sustainability of the move will depend on execution recovery.
Kolte-Patil Developers
Posted a modest gain, but valuation compression has reversed sharply over recent weeks. At 45–46x earnings, the stock now demands clean and consistent delivery to justify further upside.
Puravankara
Saw a relief bounce after prolonged weakness. Despite improved sentiment, the company remains loss-making, and performance hinges on turnaround execution and cash-flow normalization. Risk remains elevated.
Mahindra Lifespace Developers
Underperformed slightly this week, suggesting consolidation after earlier gains. Valuation remains in the mid-40s, leaving limited headroom without stronger residential and industrial pre-sales momentum.
Anant Raj
Stabilised after recent volatility. Trading at ~39x earnings, the stock appears less stretched than peak levels, but upside will depend on sustained leasing and monetisation visibility rather than sentiment alone.
TARC Ltd
Delivered one of the strongest weekly moves. However, the absence of earnings and cash-flow clarity means price action is purely liquidity-led. Volatility risk remains high at current levels.
Ajmera Realty & Infra
Recovered meaningfully after last week’s sharp correction. With valuation in the high-20s P/E range, the stock appears relatively better anchored among mid caps, though sustained upside still depends on execution consistency.
⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡
REITs: weekly performance snapshot
| REIT | Last Week Close (₹) | This Week Close (₹) | Weekly Change |
|---|---|---|---|
| Mindspace BP REIT | 471.83 | 470.89 | -0.20% ▼ |
| Brookfield India REIT | 335.39 | 334.15 | -0.37% ▼ |
| Embassy Office Parks REIT | 428.19 | 429.60 | +0.33% ▲ |
⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡
REIT notes — Company-wise analysis
Mindspace Business Parks REIT
Remained largely stable this week after recent consolidation. The portfolio continues to demonstrate strong occupancy and tenant quality, but near-term price movement is driven more by interest-rate expectations than asset-level performance. Distribution visibility remains intact, yet upside appears capped without a supportive rate environment.
Brookfield India REIT
Traded marginally lower on a weekly basis, reflecting continued sensitivity to funding costs and incremental leasing trends. Asset quality and sponsor strength remain positives, but distribution growth is closely tied to refinancing conditions. The market is currently in a wait-and-watch mode.
Embassy Office Parks REIT
Showed mild recovery after last week’s underperformance. As the largest listed office REIT, Embassy continues to act as a sentiment proxy for institutional office demand. Fundamentals remain stable, but valuation upside is constrained by yield expectations and broader rate signals.
⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡
Closing view
This week reinforced a familiar but important pattern:
-
Large caps are consolidating, not re-rating
-
Mid & small caps are bouncing on liquidity, not fundamentals
-
REITs are stabilising, tethered to rate expectations
The market has decisively shifted away from storytelling.
It is now pricing cash flows, balance-sheet resilience, and execution precision—one stock at a time.
Comments
Post a Comment