India Real Estate & REITs
Weekly Snapshot – 06 February 2026
By Arindam Bose
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Indian real estate equities entered the week of 6 February 2026 in the shadow of a bruising Budget Day sell-off, only to be pulled into a powerful, policy-led relief phase as the India–US trade deal and a sharp FII reversal restored risk appetite. The combination of record domestic capex, a reset of tariff expectations and a firmer rupee has shifted the tape from “forced de-rating” to “selective re-risking,” with quality developers and Grade-A office platforms back in demand while high-multiple, guidance-sensitive names remain under scrutiny.
For the property complex, the message is two-fold: the Budget is building internal capacity through infrastructure and REIT-friendly reforms, while the trade framework is opening external demand and capital channels, especially for GCC-led commercial, data-centre and export-oriented corridors. In this regime, large caps with visible cash flows and institutional-grade REITs are regaining sponsorship, even as micro-caps, liquidity trades and ultra-expensive names continue to trade on a short leash.
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Large-cap realty: weekly snapshot
| Company | 23 JAN Close (₹) | This Week Close (₹) | 52W High / Low (₹) | Market Cap (₹) | P/E (approx) |
|---|---|---|---|---|---|
| DLF | 588.5 | 663.75 | 886.8 / 586.7 | 1.61 T | 37x |
| Lodha Developers | 900.3 | 1,055.10 | 1,531.0 / 863.8 | 1.07 T | 31x |
| Godrej Properties | 1,541.2 | 1,699.80 | 2,522.0 / 1,475.0 | 565.9 B | 32x |
| Oberoi Realty | 1,453.9 | 1,532.60 | 2,005.0 / 1,425.5 | 602.5 B | 25x |
| Prestige Estates | 1,388.8 | 1,555.90 | 1,814.0 / 1,048.1 | 653.7 B | 68x |
| Phoenix Mills | 1,726.5 | 1,735.20 | 1,993.0 / 1,402.5 | 677.5 B | 56x |
| Brigade Enterprises | 760.2 | 763.05 | 1,332.0 / 717.75 | 209.3 B | 25x |
| Sobha | 1,381.8 | 1,514.50 | 1,732.5 / 1,075.3 | 163.9 B | 114x |
| Sunteck Realty | 369.7 | 408.05 | 507.4 / 347.0 | 61.6 B | 31x |
| Signature Global | 862.3 | 890.00 | 1,339.5 / 775.2 | 133.1 B | very high (headline distorted) |
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Company notes — large cap
DLF
DLF bounced smartly to ~₹664, moving away from its recent 52-week low as risk appetite returned to high-quality, large-cap developers after the Budget–trade-deal one-two. The announced sale of its Kolkata SEZ and land parcel to the Srijan Group for about ₹670 crore underlines ongoing portfolio pruning and capital recycling, while the street continues to watch the large revenue backlog and unrecognised sales as a buffer against near-term volatility.
Lodha Developers (Macrotech)
Lodha recovered to ~₹1,055 as investors refocused on its execution track record and pre-sales strength after digesting a flattish profit print and lower margins in Q3. The stock is also increasingly being viewed as a leveraged play on the emerging data-centre corridor theme, given its ambitious ₹1.3 lakh crore data-centre park pipeline and the trade deal’s emphasis on tech and digital infrastructure connectivity with the US.
Godrej Properties
Godrej climbed back toward ₹1,700 after a sharp January de-rating, helped by a strong Q3 showing with profit up and bookings already tracking roughly three-quarters of FY26 guidance. Management commentary that the company expects to outperform sector growth has reassured investors that high-end residential demand and brand strength can still support a premium multiple, even as the market insists on earnings delivery to justify any fresh re-rating.
Oberoi Realty
Oberoi held firm around the mid-₹1,500s despite some profit-taking, with the big narrative driver being its successful bid for the Bandra East railway land parcel at around ₹5,400 crore. The deal reinforces Oberoi’s positioning as a capital-efficient developer willing to deploy into marquee Mumbai opportunities, but also raises the bar on execution, funding and long-term return expectations at a time when the market is more vigilant about leverage and project-risk concentration.
Prestige Estates
Prestige extended its recovery to ~₹1,556 as the market digested a blockbuster Q3 print, where profit and revenue both surged on the back of strong launches and execution. Even after the bounce, the P/E has compressed meaningfully from prior extremes, and investor focus has shifted from “can they grow?” to “can earnings and cash flows catch up with the growth they’ve already booked?” with debt levels and balance-sheet discipline squarely in view.
Phoenix Mills
Phoenix edged higher to ~₹1,735, broadly consolidating after reporting a steady Q3 with mid-single-digit profit growth and continued strength in consumption and rental income across its mall portfolio. It continues to trade as a scarce, high-quality annuity-plus-development platform: the trade deal’s GCC and office implications help sentiment at the margin, but valuation still largely rides on the rate trajectory and the durability of retail and office demand.
Brigade Enterprises
Brigade was little changed on the week near ₹763 as investors weighed better revenue trends and stable leasing–hospitality performance against margin pressure and a weaker profit print in Q3. Broker commentary around meaningful upside potential highlights that the market sees re-rating room if execution and profitability normalise, but for now the stock remains filed under “derated execution story” rather than “go-to sector proxy.”
Sobha
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Sobha recovered toward the mid-₹1,500s, clawing back some of January’s steep losses even as its P/E remains in three-digit territory. The stock continues to exemplify valuation-on-hope: strong sales and collections are not yet translating into commensurate profit growth, and in a market that has rediscovered pricing discipline, any earnings wobble is likely to be met with renewed multiple compression.
Sunteck Realty
Sunteck traded around ₹408, with a mild weekly dip despite reporting a healthy ~34% jump in Q3 profit and solid revenue traction. Ongoing commentary around growth in core Mumbai markets and international expansion plans, including UAE initiatives, keeps the story interesting, but the stock still behaves like a mid-cap beta instrument on sector sentiment rather than a low-volatility compounder.
Signature Global
Signature Global stabilised near ₹890 after recent sharp de-rating, as the market awaits clarity from the upcoming board meeting on quarterly numbers and updated guidance. With headline valuation still optically extreme and management having acknowledged that pre-sales targets will be missed, the name remains highly sensitive to any further communication on leverage, execution timelines and the mix between affordable and mid-income projects.
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Mid & small-cap realty: weekly snapshot
| Company | 23 JAN Close (₹) | This Week Close (₹) | 52W High / Low (₹) | Market Cap (₹ Cr) | P/E (approx) |
|---|---|---|---|---|---|
| Atal Realtech | 27.39 | 27.22 | 29.20 / 11.15 | 321 | 96x |
| Pansari Developers | 294.3 | 296.00 | 352.30 / 142.05 | 525 | 41x |
| FMNL | 7.73 | 8.00 | 22.51 / 7.30 | 50 | NM |
| Arihant Superstructures | 269.5 | 284.35 | 528.50 / 259.25 | 1,334 | 37x |
| Kolte-Patil | 356.3 | 366.40 | 497.55 / 239.0 | 3,291 | 43x |
| Puravankara | 227.4 | 238.38 | 338.95 / 208.7 | 5,461 | NM |
| Mahindra Lifespace | 345.1 | 369.40 | 427.05 / 256.06 | 7,841 | 24x |
| Anant Raj | 501.4 | 547.75 | 743.65 / 376.15 | 20,389 | 36x |
| TARC | 156.0 | 147.99 | 206.10 / 103.22 | 5,163 | NM |
| Ajmera Realty | 148.4 | 144.88 | 221.40 / 130.67 | 3,582 | 29x |
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Company notes — mid & small-cap
Atal Realtech
Atal drifted slightly lower to ~₹27 but remains parked near its 52-week high, with 12‑month returns still deep into triple digits and the P/E hovering around the high-90s. It continues to trade as a textbook micro-cap momentum vehicle, where flows and liquidity conditions dominate short-term price action far more than incremental fundamental data.
Pansari Developers
Pansari slipped below ₹300 during the week before closing near that mark, extending a healthy but more volatile phase after strong multi-year gains. Valuation in the low-40s P/E still embeds expectations of continued EPS growth and margin stability, leaving the stock vulnerable to any negative surprise on leverage, cash flows or broader risk-off sentiment.
Future Market Networks (FMNL)
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FMNL ticked up to around ₹8, but the bigger picture remains one of deep drawdown from prior peaks, negative earnings and highly speculative trading. At these levels, the name functions more as a sentiment barometer for micro-cap risk appetite than as a conventional, earnings-anchored investment idea.
Arihant Superstructures
Arihant bounced modestly to the mid-₹280s after recent heavy de-rating that pulled it close to its 52-week low, even as the P/E has cooled into the mid-30s. The market still treats it as a late-cycle, higher-beta play where any sustained re-rating will require convincing evidence on topline recovery, balance-sheet repair and execution consistency.
Kolte-Patil Developers
Kolte-Patil edged higher to ~₹366, supported by earlier disclosures of strong Q3 sales, record collections and fresh project additions in Pune. With the stock still trading at a low‑40s multiple, the message from the tape is that operational delivery is acknowledged, but investors want to see sustained cash-flow conversion and funding resilience before assigning a meaningfully richer valuation.
Puravankara
Puravankara crept up toward the high‑₹230s, continuing its gradual normalisation phase after a sharp post-results rally on improved collections and project wins. With reported earnings still noisy and headline P/E distorted by earlier losses, the stock sits squarely in the “turnaround on trial” bucket, where improving cash flows are being rewarded but with tight stops in a more disciplined market.
Mahindra Lifespace rose back toward ~₹370, helped by strong Q3 numbers that showed a sharp jump in profit and healthy residential sales momentum. The stock’s de-rating from peak multiples has made valuation more reasonable for a long-duration, parent-backed franchise, but investors remain focused on whether high growth and industrial parks traction can be sustained without stretching the balance sheet.
Anant Raj
Anant Raj climbed to about ₹548, extending a sharp rebound fuelled by renewed interest in data-centre and digital-infrastructure themes following the trade deal’s emphasis on technology collaboration. Multi-year returns remain impressive, but with elevated volatility and a mid‑30s P/E, the stock is likely to stay sensitive to any shift in global risk appetite or domestic funding conditions.
TARC fell further to ~₹148, underperforming even as broader sentiment has improved, highlighting the market’s discomfort with its loss-making profile and leverage. The name remains firmly in the liquidity-trade camp: recent price strength over the last few years sits on fragile fundamentals, making it better suited to traders willing to accept binary outcomes than to conservative, cash-flow-focused investors.
Ajmera Realty & Infra
Ajmera eased to around ₹145, leaving 1‑year returns modestly negative despite a more grounded sub‑30x P/E and solid bookings in recent quarters. In the current backdrop, the stock is behaving like a reasonably valued mid-cap proxy where price weakness reflects beta, technical factors and rotation rather than a clear deterioration in underlying fundamentals.
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REITs: weekly performance snapshot
| REIT | 23 JAN Close (₹) | This Week Close (₹) | 52W High / Low (₹) | P/E (approx) |
|---|---|---|---|---|
| Mindspace Business Parks REIT | 490.06 | 494.45 | 507.50 / 355.25 | Low‑60s |
| Brookfield India REIT | 345.93 | 353.00 | 368.00 / 280.0 | Mid‑20s–30s |
| Embassy Office Parks REIT | 435.77 | 441.47 | 454.0 / 342.55 | Mid‑20s–30s |
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REIT notes — risk & rates
Mindspace Business Parks REIT
Mindspace inched higher toward ₹495, consolidating close to fresh 52-week highs and continuing to behave like a quasi-bond proxy whose unit price tracks rates and risk premia more than idiosyncratic news. A stronger rupee and improving comfort among global investors about India’s policy mix keep it a core lower-beta vehicle for expressing constructive views on Grade-A offices and stable distributions.
Brookfield India REIT
Brookfield moved up to around ₹353, extending its slow, staircase-like uptrend as yield, sponsor quality and institutional positioning remain key attractions. The prospect of easier bank lending to REIT structures, combined with better currency optics for foreign pools, reinforces its status as a relative haven within the broader real-estate complex.
Embassy Office Parks REIT
Embassy edged to the mid‑₹440s, staying close to the top of its one-year range with characteristically low weekly volatility. It continues to function as the benchmark institutional play on Indian Grade-A offices, where investors are focused on occupancy, rentals and yield spreads versus bonds, rather than the more cyclical, leverage-sensitive dynamics that drive listed developers.
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Closing view
The week of 6 February 2026 marked a transition from mechanical de-rating to policy-assisted stabilisation for Indian real estate and REITs. A harsh Budget Day reaction to the STT hike and lack of LTCG relief was rapidly offset by record capex, the India–US trade framework and a firmer rupee, which together reignited interest in quality developers, data-centre–linked names and Grade-A office platforms.
Within the listed universe, micro-caps and loss-makers (FMNL, TARC, Atal) continue to trade almost entirely on liquidity and sentiment, while grounded mid-caps (Ajmera, Kolte-Patil, Mahindra Lifespace, Puravankara, Anant Raj) are being valued primarily on collections, leverage and execution. REITs remain the steadier, yield-led anchor for investors who want exposure to India’s property cycle and the GCC/data-centre boom without fully embracing developer-equity volatility, especially in a market that has rediscovered its taste for valuation discipline
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