India Real Estate & REITs
Weekly Snapshot – 13 February 2026
By Arindam Bose
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Indian real estate equities moved from policy-led relief to a risk-off wobble in the week of 13 February 2026, as a sharp sell-off in IT and renewed worries around global tech and AI spending spilled over into office-heavy and premium residential names. Nifty Realty tracked the broader market lower, with liquid large caps giving up part of their post-Budget gains and high-beta mid and small caps seeing outsized intraday swings as traders cut leverage and rotated into defensives.
This time, the pressure did not come from domestic policy but from cross-asset sentiment and sector-specific concerns: investors questioned how a more cautious global tech capex cycle might filter into office leasing, data centre momentum and high-end housing demand, even as on-the-ground fundamentals and enquiry pipelines remain broadly intact. Within this backdrop, quality balance sheets still found buyers on dips, but the tape clearly rewarded earnings-backed visibility over “hope multiple” stories, and REITs again behaved like rate- and risk-premia instruments rather than pure growth proxies.
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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 | 588.50 | 626.40 | 886.80 / 586.65 | ₹1.61 T | 36x |
| Lodha Developers | 900.30 | 1,073.60 | 1,531.00 / 863.80 | ₹1.07 T | 32x |
| Godrej Properties | 1,541.20 | 1,806.60 | 2,506.50 / 1,475.00 | ₹565.9 B | 35x |
| Oberoi Realty | 1,453.90 | 1,547.60 | 2,005.00 / 1,425.50 | ₹602.5 B | 25x |
| Prestige Estates | 1,388.80 | 1,519.10 | 1,814.00 / 1,048.05 | ₹653.7 B | 70x |
| Phoenix Mills | 1,726.50 | 1,735.50 | 1,993.00 / 1,402.50 | ₹677.5 B | 58x |
| Brigade Enterprises | 760.20 | 762.95 | 1,332.00 / 717.75 | ₹209.3 B | 26x |
| Sobha | 1,381.80 | 1,524.90 | 1,732.50 / 1,075.30 | ₹163.9 B | 116x |
| Sunteck Realty | 369.70 | 398.20 | 501.45 / 347.00 | ₹61.6 B | 31x |
| Signature Global | 862.30 | 1,040.55 | 1,339.50 / 775.20 | ₹133.1 B | Distorted |
Company notes — large cap
DLF
DLF slipped back toward ~₹626, underperforming after a strong post-Budget bounce as profit-taking and the broader risk-off mood weighed on high-quality large caps. The narrative remains anchored in portfolio pruning and capital recycling, with the planned sale of the Kolkata SEZ and land parcel for around ₹670 crore underscoring disciplined balance-sheet management even as near-term price action follows index-level volatility.
Lodha Developers (Macrotech)
Lodha held up relatively better around ~₹1,074, giving back only a sliver of recent gains as investors continued to focus on its execution track record, robust pre-sales and leverage to both Mumbai residential and emerging data-centre corridors. Headlines around an Enforcement Directorate arrest of a former director added noise but did not materially dent the core thesis, which remains centred on scale, brand and a deep project pipeline in key urban markets.
Godrej Properties
Godrej pushed higher toward ~₹1,807, extending its recovery as the street digested strong Q3 numbers, guidance comfort and successful luxury launches like the Worli project. With bookings already tracking roughly three-quarters of FY26 guidance, the stock continues to trade as a premium, brand-led compounding story where investors are willing to pay up as long as execution and margin delivery stay on plan.
Oberoi Realty
Oberoi was broadly resilient
near the mid‑₹1,500s, consolidating after news of its winning bid for the 11‑acre Bandra East railway land parcel at about ₹5,400 crore. The deal reinforces its positioning as a capital-efficient Mumbai specialist willing to commit to marquee locations, but the market is simultaneously tracking funding structure, leverage and returns with a sharper lens given the size and visibility of this bet.
Prestige Estates
Prestige eased to ~₹1,519 after a sharp run, as the sector-wide IT sell-off triggered up to 4–6% intraday pressure on select realty names and reminded investors of the linkage between tech employment, office demand and premium housing. Even so, record presales, strong collections and a powerful launch pipeline keep the fundamental story intact, with the key debate now centred on whether earnings and cash flows can compound fast enough to justify a still-elevated earnings multiple.+2
Phoenix Mills
Phoenix was broadly flat on the week near ~₹1,736, behaving more like a steady annuity-plus-development platform than a high-beta trading vehicle. Ongoing discussions to raise around ₹1,500 crore for its Thane project and positive broker commentary highlight continued confidence in its mall and mixed-use franchise, even as valuations remain sensitive to rate expectations and discretionary consumption trends.
Brigade Enterprises
Brigade hovered near ~₹763, giving up earlier gains as risk reduction hit mid‑beta names despite supportive brokerage views that still see meaningful re-rating potential. Recent headlines around environmental litigation in Chennai added an extra layer of perception risk, but the bigger driver remains the market’s wait-and-watch stance on margins, leverage and the normalisation of profitability across its residential, office and hospitality portfolios.
Sobha
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Sobha inched up to ~₹1,525 but continues to sit in the “valuation-on-hope” bucket, with a triple-digit P/E and price action that is highly sensitive to any wobble in earnings or commentary. Strong sales and collections support the long-term story, yet in a more disciplined market regime investors are demanding clearer evidence of profit compounding before underwriting further multiple expansion.
Sunteck Realty
Sunteck cooled to just under ₹400, tracking sectoral weakness despite earlier enthusiasm around profit growth and expansion plans in core Mumbai micro-markets and select overseas forays. The stock remains a mid-cap beta play on sentiment and liquidity in real estate rather than a low-volatility dividend compounder, making it more suitable for investors comfortable with cyclical swings and event-driven moves.
Signature Global
Signature Global was the notable outlier, rallying toward ~₹1,041 and posting a strong weekly gain as investors cheered news of a 50:50 joint venture with RMZ to develop a mixed-use project in Gurugram, backed by a planned ₹1,283 crore equity infusion from the partner. The stock’s optically extreme headline P/E underlines how much optimism is priced into pre-sales, product mix and execution, keeping it squarely in the high-risk, high-reward camp where any change in guidance or leverage trajectory can spark sharp swings.
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Mid & Small-Cap Realty: Weekly Snapshot
| Company | 23 JAN Close (₹) | This Week Close (₹) | 52W High / Low (₹) | Market Cap | P/E |
|---|---|---|---|---|---|
| Atal Realtech | 27.39 | 25.88 | 29.20 / 11.15 | ₹321 Cr | 93x |
| Pansari Developers | 294.30 | 310.00 | 352.30 / 142.05 | ₹525 Cr | 41x |
| FMNL | 7.73 | 8.10 | 22.51 / 7.30 | ₹50 Cr | NM |
| Arihant Superstructures | 269.50 | 271.90 | 482.10 / 259.25 | ₹1,334 Cr | 36x |
| Kolte-Patil | 356.30 | 367.65 | 497.55 / 239.00 | ₹3,291 Cr | 63x |
| Puravankara | 227.40 | 256.70 | 338.95 / 208.70 | ₹5,461 Cr | NM |
| Mahindra Lifespace | 345.10 | 368.90 | 427.05 / 256.06 | ₹7,841 Cr | 23x |
| Anant Raj | 501.40 | 533.05 | 743.65 / 376.15 | ₹20,389 Cr | 36x |
| TARC | 156.00 | 152.38 | 206.10 / 103.22 | ₹5,163 Cr | NM |
| Ajmera Realty | 148.40 | 137.94 | 221.40 / 130.67 | ₹3,582 Cr | 29x |
Company notes — mid & small-cap
Atal Realtech
Atal slipped to just under ₹26, edging away from its recent 52‑week high as micro-cap risk appetite cooled and volumes remained elevated. With a P/E still in the 90s, the stock continues to trade more like a momentum and liquidity vehicle than a conventional, earnings-anchored investment, leaving it highly exposed to any broader de-risking in small caps.
Pansari Developers
Pansari nudged higher to around ₹310, showing relative resilience in a weak tape and extending its consolidation phase after multi-year gains. Valuation in the low‑40s multiple still embeds expectations of steady EPS growth and margin stability, keeping the stock vulnerable to any disappointment on leverage, collections or demand for its core residential portfolio.
Future Market Networks (FMNL)
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FMNL eased slightly to ~₹8.10 after intraday volatility, with the bigger picture unchanged: the name sits deep below historical peaks, with negative earnings and trading dominated by speculation rather than fundamentals. In this environment, FMNL remains more of a barometer for micro-cap liquidity and risk tolerance than a core holding for long-term, cash-flow-focused investors.
Arihant Superstructures
Arihant drifted toward the low‑₹270s, struggling to find sustained traction after a period of heavy de-rating that had already pulled it close to 52‑week lows. The market still treats the stock as a late-cycle, higher-beta play where any re-rating will require proof of stabilised topline growth, improved balance-sheet metrics and visible execution in its key markets.
Kolte‑Patil Developers
Kolte‑Patil inched up to ~₹368, continuing to benefit from earlier disclosures of strong sales, record collections and new project additions in Pune. The step-up in its P/E suggests that investors are gradually acknowledging the quality of execution, but in a more valuation-conscious tape they will likely demand sustained cash-flow conversion and prudent land acquisition before granting a richer, sector‑leading multiple.
Puravankara
Puravankara rallied toward ~₹257, reacting positively to a sharp swing back to profit in Q3, where net income and revenue both surged on the back of strong collections and project ramp-up. With headline P/E still distorted by earlier losses, the stock sits firmly in the “turnaround in progress” bucket, where improving fundamentals are being rewarded but with tight risk controls in a market that is unforgiving of fresh missteps.
Mahindra Lifespace Developers
Mahindra Lifespace was broadly flat to marginally lower at ~₹369 after an earlier results-led rally, as investors locked in some gains amid sector-wide risk reduction. Strong Q3 profit growth and healthy residential sales momentum underpin the long-duration story of a parent-backed, de-risked platform, but the key question now is whether growth in industrial parks and residential launches can sustain without stretching the balance sheet.
Anant Raj
Anant Raj cooled to ₹533 after a strong rebound in prior weeks, even as news flow remained supportive with a new partnership announced with AI infrastructure firm Submer to build data centres in India. Multi-year returns remain impressive, and the data-centre theme is intact, but with a mid‑30s P/E and high volatility the stock is likely to remain sensitive to swings in global risk appetite, funding conditions and sentiment around tech-linked infrastructure.
TARC Ltd
TARC slid to around ₹152, underperforming in a weak week and reaffirming the market’s discomfort with its loss-making profile and leveraged balance sheet. The name remains squarely in the “liquidity trade” camp where recent price strength is not underpinned by stable earnings, making it more appropriate for traders who accept binary outcomes than for conservative investors.
Ajmera Realty & Infra
Ajmera dropped to roughly ₹138, leaving one‑year returns modestly negative despite a relatively grounded sub‑30x P/E. In the current set-up, the stock is being priced more as a beta proxy on mid-cap real estate and technical flows than as a pure reflection of underlying bookings, which have been reasonably steady in recent quarters.
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REITs: Weekly Performance Snapshot
| REIT | 23 JAN Close (₹) | This Week Close (₹) | 52W High / Low (₹) | P/E |
|---|---|---|---|---|
| Mindspace REIT | 490.06 | 494.99 | 511.68 / 355.25 | 60x |
| Brookfield India REIT | 345.93 | 352.80 | 372.90 / 280.00 | 25–30x |
| Embassy REIT | 435.77 | 440.00 | 461.99 / 342.55 | 25–30x |
REIT notes — risk & rates
Mindspace Business Parks REIT
Mindspace eased slightly to just under ₹495 after testing fresh one‑year highs, behaving like a quasi-bond proxy whose unit price tracks shifts in rate expectations and risk premia more than idiosyncratic news. In a week where equity risk appetite softened but the structural case for Grade‑A offices and stable distributions remained intact, it continued to serve as a core, lower-beta vehicle for investors seeking income plus modest growth.
Brookfield India REIT
Brookfield slipped to about ₹353, giving back part of its recent staircase-like uptrend as the broader sell-off in realty and worries around global tech office demand briefly weighed on sentiment. Even so, the combination of attractive yields, sponsor strength and potential benefits from policy moves to ease REIT financing keeps it positioned as a relative haven within the real-estate complex.
Embassy Office Parks REIT
Embassy moved to roughly ₹440, staying close to the top of its one‑year range with typically low day-to-day volatility. It continues to function as the benchmark institutional play on Indian Grade‑A offices, where investors focus squarely on occupancy, rental growth and yield spreads versus bonds rather than the higher-beta, leverage-sensitive dynamics that drive listed developers.
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Closing view
The week of 13 February 2026 marked a shift from policy-assisted stabilisation to a more sentiment-driven shakeout for Indian real estate and REITs, triggered primarily by cross-sector worries around global tech, AI and office demand rather than any fresh domestic policy shock. Within the listed universe, micro-caps and loss-makers (FMNL, TARC, Atal) once again traded mostly on liquidity and intraday flows, while grounded mid-caps (Ajmera, Kolte‑Patil, Mahindra Lifespace, Puravankara, Anant Raj) were priced mainly on collections, leverage and the credibility of their growth narratives in a more valuation-conscious market.
REITs remained the steadier, yield-led anchor for investors seeking exposure to India’s property and infrastructure cycle—especially as Budget 2026 reinforced their central role in asset monetisation—without fully embracing the earnings and sentiment volatility of developer equities. For now, the tape is telling a clear story: in a market that has rediscovered its taste for discipline, cash flows, balance sheets and policy alignment matter more than ever, and “hope multiple” stories will have to earn back their premium the hard way
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