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India Real Estate & REITs Weekly Snapshot: 22 May 2026

 




India Real Estate & REITs 

Weekly Snapshot: 22 May 2026

By Arindam Bose

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Opening Insight:

Bargain Hunting Quietly Returned — But Conviction Did Not

Last week looked like a warning shot.

Bargain Hunting Quietly Returned — But Conviction Did Not

Last week looked like a warning shot: large‑cap developers corrected together, high‑multiple names lost altitude, and the market stopped giving unlimited credit to distant narratives. This week, something subtler unfolded.

Prices stabilised. Some leaders rebounded. The overt panic disappeared. But conviction did not fully return. That distinction matters.

Flows this week looked less like “the real estate party is back” and more like “let’s revisit quality — but carefully.” Investors were not chasing beta. They were selectively absorbing weakness in names where balance sheets, platforms and cash flows still command trust.

And that marks the beginning of a different phase. In broad rallies, almost everything rises together. In sorting phases, capital becomes selective — and selective markets reveal hierarchy. This week increasingly looked like investors choosing between platforms and projects, execution and ambition, cash flows and narratives, trust and excitement.

The sector may not be entering a classical bear phase. But it is clearly entering a regime where stock selection matters far more than simply owning the “real estate theme.” Those phases are harder. And far more interesting.

Large-cap developers corrected together.

High multiple names suddenly lost altitude.

Future narratives stopped receiving unlimited credit.

The market appeared to ask:

"How much optimism have we already paid for?"

This week something subtler happened.

Prices stabilized.

Some names rebounded.

The panic disappeared.

But conviction did not fully return.

That distinction matters.

Because the market was not buying aggressively.

It was selectively absorbing weakness.

And that behavior often marks the beginning of a different phase:

not broad enthusiasm—

but measured accumulation.

This week felt less like:

"Real estate is back."

And more like:

"Let's revisit quality—but carefully."

That creates an entirely different market structure.

Because during broad rallies:

almost everything rises.

During sorting phases:

capital becomes selective.

And selective markets reveal hierarchy.

This week increasingly looked like investors beginning to differentiate between:

platforms and projects,

execution and ambition,

cash flows and narratives,

trust and excitement.

The sector may not be entering a bear phase.

But it increasingly appears to be entering a phase where stock selection matters far more than sector exposure.

And historically—

those periods become much harder.

And much more interesting.

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Large Cap Realty: Weekly Snapshot

CompanyLast WeekThis WeekWeekly Change52W HighMarket CapP/E
DLF566.75586.70 +3.5%886.801.61T33x
Macrotech (Lodha)849.95886.75 +4.3%1,5311.07T25.8x
Godrej Properties1,714.101,732.90 +1.1%2,506565.9B28.3x
Oberoi Realty1,617.201,659.60 +2.6%2,005602.5B23.8x
Prestige Estates1,342.201,388.50 +3.4%1,814653.7B49.9x
Phoenix Mills1,738.501,790.30 +3.0%1,993677.5B52.5x
Brigade688.25672.15 -2.3%1,332209.3B25.4x
Sobha1,397.301,376.90 -1.5%1,732163.9B76.9x
Sunteck316.70288.20 -9.0%478.7561.6B20.5x
Signature Global851.30820.10 -3.7%1,309133.1B10.5x

Company-Level Insight (Large Caps)

DLF Ltd

DLF recovered modestly toward ₹587 after last week’s sharp decline, even as recent commentary highlighted profit moderation and a cooling of the earlier momentum‑trade aura. Rental income at the DLF–GIC commercial platform continues to grow strongly, reinforcing the idea that DLF is steadily evolving into a hybrid model: part residential compounder, part institutional commercial landlord.

That distinction matters because resilient rental cash flows create a stabilising anchor when residential sentiment turns choppy. Ultra‑luxury traction in NCR and Mumbai, with marquee Gurugram projects commanding triple‑digit‑crore ticket sizes, underlines DLF’s emerging scarcity value in prime urban land and product. This week’s price action suggests investors quietly returned — not with speculative aggression, but with measured institutional comfort.

Interestingly, the rebound happened despite headlines around profit moderation.

And that reveals something important.

Because markets increasingly appear willing to overlook temporary earnings softness—

if commercial assets continue strengthening.

The DLF–GIC platform reported rental income growth near ₹5,500 crore, reinforcing a broader thesis:

DLF increasingly behaves like a hybrid model—

part residential developer,

part institutional commercial platform.

That distinction matters enormously.

Because rental cash flows create durability.

The luxury NCR pricing traction near Gurugram further reinforces another reality:

DLF increasingly owns scarcity value.

Not just launch inventory.

This week suggests investors quietly returned—

but selectively.

Not momentum.

Not excitement.

Measured institutional comfort.


Macrotech Developers (Lodha)

Lodha rebounded strongly after last week’s double‑digit cut, with the stock reclaiming the ₹880+ zone as newsflow turned toward large‑scale Mumbai redevelopment opportunities. Its active participation in MHADA‑linked cluster redevelopment bids signals a strategic pivot deeper into long‑duration urban regeneration rather than pure greenfield launches.

Redevelopment increasingly resembles land banking without conventional up‑front acquisition risk, especially in land‑starved micro‑markets like Bandra, Worli and Andheri. The market continues to view Lodha as India’s most scalable residential execution machine, but this week’s bounce also carried another message: investors believed the prior correction had overshot fundamentals, so the narrative survived while the valuation reset.

Yet the interesting development is not price.

It is strategy.

The company continues participating aggressively in Mumbai redevelopment opportunities involving MHADA-linked cluster projects.

That matters because redevelopment increasingly resembles:

long-duration land banking without conventional acquisition risk.

Institutional investors continue viewing Lodha as India's most scalable residential execution machine.

But this week's rebound also carried another message:

investors still believe the correction became excessive.

The narrative survived.

The valuation merely reset.


Godrej Properties

Godrej stabilised after last week’s sharp fall, with a mild rebound toward ₹1,730 even as valuations remain elevated versus the broader sector. Operationally, the company announced a ₹1,100 crore construction contract awarded to Tata Projects for three developments, its largest single award to date and a clear signal of execution acceleration rather than just pipeline announcements.

The market has rarely doubted Godrej’s ability to source land or launch projects. The bigger question now is how rapidly its ambitious booking and launch plans can translate into completed assets and hard cash. Godrej remains one of the Street’s institutional favourites, but the premium investors are willing to pay increasingly demands visible delivery, not just blueprints.

Godrej stabilized after last week's sharp decline.

And this week operational headlines quietly mattered.

But more importantly:

it signals execution acceleration.

The market has never doubted Godrej's ability to launch.

The larger question increasingly becomes:

how rapidly can sales ambitions convert into completed assets and cash generation?

The company continues behaving like one of the sector's institutional favorites.

But the premium investors pay increasingly demands visible delivery.

Not future blueprints.


Oberoi Realty

Oberoi extended last week’s relative resilience with another calm move higher, trading closer to ₹1,660 while still at a noticeable discount to some premium peers on P/E. Strong margins, a disciplined Mumbai luxury and mixed‑use portfolio, and a clean balance sheet continue to define the franchise.

In broad up‑cycles, those “boring” virtues often get ignored in favour of higher‑beta stories. In a selective, post‑euphoria tape, they become advantages. Oberoi increasingly looks like high‑trust capital rather than speculative capital — a name institutions can add on dips without worrying about leverage, governance or business model drift.

Oberoi recovered modestly again.

And once more:

the stock behaved differently.

The valuation remains comparatively reasonable.

Margins remain strong.

Balance-sheet quality remains respected.

During broad rallies these characteristics often get ignored.

During selective markets—

they become advantages.

Oberoi increasingly resembles:

high-trust capital.

Not speculative capital.

Not momentum money.

That distinction may matter more going forward.


Prestige Estates

Prestige bounced after being one of last week’s worst hit large caps, helped by standout Q4 numbers that saw profit jump sharply and revenues surge. Broker commentary has stayed constructive, with fresh “buy” tags emphasising steady progress on annuity‑style assets alongside the development portfolio.

Yet despite this fundamental strength, the stock still trades meaningfully below its recent highs. That tells you the bar is now much higher. At nearly 50x earnings, good results are no longer surprises; they are requirements. The market appreciated the numbers but withheld immediate multiple re‑expansion, signalling that expectations remain elevated and must be met quarter after quarter.

Profit expanded dramatically.

Broker commentary remained optimistic.

Yet despite all this—

the stock still remains far below previous highs.

That reveals something interesting.

Markets appreciated the results.

But refused immediate multiple expansion.

Because once expectations become elevated—

good results simply become requirements.

Not surprises.


Phoenix Mills

Phoenix moved up again, with the stock grinding higher toward ₹1,790 and holding a mall‑REIT‑like multiple north of 50x. The thesis remains almost unchanged: the market does not treat Phoenix as a conventional developer but as an urban consumption–infrastructure platform.

What drives institutional positioning here is not launch velocity, but mall productivity, tenant health, rental growth and discretionary consumption resilience. In a week where residential developers were still digesting volatility, Phoenix’s quiet strength underscores the appeal of experience‑led, yield‑rich retail ecosystems as a different way to own India’s urban story.

The market still treats Phoenix less like a developer—

and more like urban consumption infrastructure.

Mall traffic.

Rental economics.

Premium spending.

Experience-led retail ecosystems.

Those variables continue driving institutional thinking.

And in uncertain weeks—

stable narratives often outperform.


Brigade Enterprises

Brigade stayed under pressure despite a small intraday bounce, sliding further away from its 52‑week peak even as the Street maintains a broadly positive long‑term stance. Recent data on FY26 pre‑sales softness and delays in fresh supply continue to weigh on sentiment, and the stock has underperformed the BSE Realty index over the past month.

This week reinforced a larger shift: corporate actions, commentary and headline pre‑sales are no longer enough to hold multiples when earnings and cash flow trajectories wobble. Brigade now looks caught between analyst optimism and operational hesitation — a zone where markets demand proof, not promises.

The stock now looks trapped between:

analyst optimism

and operational hesitation.

That usually creates uncomfortable price action.

Because institutions increasingly appear unwilling to reward announcements alone.

Proof increasingly matters.

Execution matters.

The market continues demanding evidence.

Not promises.


Sobha

Sobha slipped again to around ₹1,377, giving back more ground despite earlier strong results, a sharp jump in profitability and a richer dividend profile. Nothing in the last few days materially damaged the operating story, but the challenge remains unchanged: valuation gravity.

At nearly 77x earnings, the stock sits inside one of the most unforgiving multiple regimes in the sector. Here, “good” numbers merely sustain the current price; only extraordinary outperformance can drive further re‑rating. Expectation saturation continues to dominate the trade, making Sobha as much a bet on sentiment as on fundamentals.

At nearly 77x earnings:

valuation still leaves little room for ordinary execution.

Strong numbers helped previously.

Dividends helped.

Operational strength helped.

But valuation gravity continues dominating.

This remains a premium business—

inside an unforgiving valuation structure.


Sunteck Realty

Sunteck endured another deep cut, with the stock slipping toward ₹288 and extending its drawdown from the ₹470+ zone. The multiple has compressed into the low‑20s, but the name still occupies an awkward middle ground: not cheap enough for hard‑core value investors, not exciting or large enough for the high‑beta growth crowd, and not yet a dominant institutional platform.

That positioning problem often leads to choppy, directionless behaviour. Markets tend to struggle with stories that fit no obvious category, and Sunteck increasingly looks like one of them — too mid‑everything in a tape that now prefers either clear platforms or clear bargains.

Not cheap enough for value buyers.

Not exciting enough for momentum traders.

Not large enough for institutional dominance.

This creates a difficult positioning problem.

Because markets often struggle with stories that fit no obvious category.


Signature Global

Signature corrected further to about ₹820, continuing its volatile post‑listing journey. The longer‑term narrative — a potential NCR platform evolving into a future large‑cap developer — remains largely intact, and the reported P/E has normalised as the earnings base has grown.

But in week‑to‑week trading, the stock still behaves less like a classic valuation story and more like a belief trade. Participation is driven by conviction in the long runway of affordable/aspirational housing, not by current PAT. That keeps upside alive but also preserves fragility; whenever expectations get ahead of near‑term reality, the tape reacts quickly.

The NCR housing narrative remains intact.

But the stock increasingly behaves like:

future expectations compressed into current prices.

That creates both upside and fragility.

Conviction survives.

Volatility survives too.

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Mid & Small Cap Realty: Weekly Snapshot

CompanyLast Week (₹)This Week (₹)Weekly Change52W High52W LowMarket CapP/E
Atal Realtech28.7129.50 +2.8%29.7714.643.21B69.0x
Pansari Developers264.80260.00 -1.8%352.30216.005.25B26.9x
Arihant Superstructures272.60242.65 -11.0%465.00188.8013.34B32.2x
Kolte-Patil Developers374.75394.25 +5.2%497.55292.2532.91B68.9x
Puravankara213.11225.60 +5.9%338.95160.6954.61B83.0x
Mahindra Lifespace326.45341.00 +4.5%427.05286.8078.41B21.9x
Anant Raj488.20503.95 +3.2%743.65403.00203.89B31.9x
TARC130.35130.61 +0.2%206.10109.1051.63BNM
Ajmera Realty126.31119.95 -5.0%221.4098.0335.82B23.5x

Company-Level Insight (Mid & Small Caps)

Atal Realtech

Atal pushed to new highs again, closing near ₹29.5 with volumes elevated and P/E still hovering near 69x. In a week when the broader sector was still digesting risk, that resilience is telling. Smaller‑cap names usually get hit hardest in risk‑off spells; here, buyers continued to absorb supply.

But the structure remains what it has been for months: a low‑float, liquidity‑amplified infra‑developer where price is driven more by flows than by incremental changes in fundamentals. Momentum survives — and so does volatility. Position sizing remains far more important than intricate modelling.

That matters because broader real estate sentiment remains fragile.

Small-cap counters usually struggle during periods of sector caution.

Instead:

Atal continued absorbing supply.

The stock now increasingly behaves like:

a liquidity-powered momentum vehicle.

At nearly 69x earnings and elevated trading activity, institutional sponsorship remains shallow.

Momentum survives.

But so does volatility.


Pansari Developers

Pansari drifted lower again, slipping to about ₹260 after last week’s heavy fall. The percentage change may look modest, but small moves in low‑liquidity counters can mask fragile conviction.

The story remains a Kolkata‑centric, regional housing play with limited institutional depth, where sentiment and newsflow often dominate fundamentals in the short term. This is still fast‑money territory: capable of sharp rallies when attention returns, but equally prone to quick drawdowns when participation thins.

This week's decline appears small.

But small percentages can be misleading in thin counters.

Participation depth remains extremely limited.

Which means:

price discovery can become fragile.

The broader structure remains unchanged:

regional exposure,

limited liquidity,

and sentiment-driven participation.

Fast upside.

Fast downside.


Arihant Superstructures

Arihant suffered one of the steepest weekly declines in the basket, falling roughly 11% and extending its correction from the ₹460+ zone. Volumes have cooled alongside price, signalling that some earlier speculative energy has drained out of the name.

The P/E has compressed to the low‑30s from much richer levels, reflecting a market that is now less willing to reward pure Thane–Navi Mumbai housing narratives without broader earnings depth. For now, Arihant behaves more like a cyclical sentiment proxy than a settled institutional compounder.

More importantly:

volume collapsed alongside price.

That usually reveals declining conviction.

The stock's P/E compression from previous levels reflects another reality:

markets are becoming less willing to reward pure housing narratives without broader earnings visibility.

This increasingly resembles:

a cyclical sentiment proxy.

Not an institutional compounder.

Not yet.


Kolte-Patil Developers

Kolte‑Patil quietly emerged as one of the week’s stronger performers, rebounding to about ₹394 despite headline pressure from Q4 losses and mixed recent numbers. The market appears to be looking past the latest quarter and re‑anchoring on the longer‑term execution‑turnaround thesis in Pune and Bengaluru.

At nearly 69x earnings, expectations are still demanding, but the character of the tape has changed: volatility has moderated, and dips are being bought rather than abandoned. This increasingly looks like an execution‑led transition story, not a simple momentum fling.

Because markets occasionally reward future confidence despite backward-looking numbers.

The stock increasingly behaves like:

an execution turnaround story.

Not speculative enthusiasm.

Not thematic excitement.

Steadier confidence appears returning.


Puravankara

Puravankara delivered one of the sharpest rebounds, moving toward ₹226 as investors digested Q4 results that showed a strong jump in profit and revenue. The market appears to be acknowledging the operational improvement after a choppy phase.

However, valuation has now shifted into an aggressive zone, with P/E screening above 80x. One good quarter helps sentiment; several consistent quarters are needed to secure a durable re‑rating. The stock seems to be moving from a repair narrative toward institutional re‑consideration, but the burden of proof is firmly on continued delivery.

At above 80x earnings:

markets now demand sustained execution.

One quarter helps.

Several quarters build conviction.

The stock appears to be moving from repair mode—

toward institutional reconsideration.


Mahindra Lifespace Developers

Mahindra Lifespace climbed again to around ₹341, extending its pattern of quiet, under‑the‑radar strength. The market still sees it as “boring” relative to higher‑beta peers, but that label increasingly hides some real advantages: credible parentage, a clean balance sheet and a pivot toward higher‑margin premium projects.

In early‑cycle euphoria, these attributes rarely dominate screens. In later‑cycle, selective phases, they often become central. Mahindra continues to look like the quiet adult in the room — offering discipline and survivability rather than fireworks.

Yet excitement remains limited.

Because the market still prioritises:

high beta,

rapid launch stories,

and aggressive narratives.

Mahindra offers something different:

clean governance,

measured execution,

and survivability.

Late-cycle investors often begin appreciating those qualities more.


Anant Raj

Anant Raj stabilised and edged higher to around ₹504 after last week’s sharp pullback from the ₹500–700 band. Recent results showed solid profit growth aided by both traditional real estate and the emerging data‑centre push, and the market is still actively debating what exactly this company is becoming.

The core question remains unresolved: is Anant Raj simply a leveraged NCR developer with tech optionality, or is it in the process of morphing into a digital‑infrastructure platform with land underneath it? The answer will determine its long‑term multiple regime. For now, the correction has paused; the narrative transition continues.

Because narrative transitions require digestion periods.

The larger question remains unchanged:

Is this becoming a data infrastructure company wearing a developer wrapper?

Or simply a developer with technology optionality?

That answer still determines valuation.

The correction paused.

The debate continues.


TARC



TARC barely moved, hovering near ₹131 with valuation still not screening cleanly on P/E due to earnings profile. Price action remains listless and event‑driven, with periodic bursts of interest followed by long stretches of drift.

Institutional money continues to treat this more like a special situation — dependent on asset monetisation, deleveraging and governance clarity — rather than a straightforward growth compounder. Without stronger earnings visibility, TARC risks being locked in short‑duration narrative cycles instead of graduating into durable portfolios.

TARC remains trapped exactly where it has remained for months:

inside uncertainty.

Price action barely moved.

Institutional conviction still looks thin.

The market continues treating TARC as:

an event stock,

not a business model story.

Without stronger earnings visibility:

temporary enthusiasm may continue fading quickly.


Ajmera Realty & Infra India



Ajmera slipped back toward ₹120 despite relatively moderate valuations around 23–24x earnings and a respectable footprint across Mumbai and select non‑metro markets. The standout feature here is not deep weakness, but deep neglect.

In a tape still obsessed with scale, speed and story‑rich platforms, Ajmera sits in a quiet middle ground: reasonable pricing, acceptable risk, and lower emotional volatility. Such names are often ignored during speculative phases — and rediscovered when the cycle turns more defensive.

Ajmera corrected again.

But what stands out is not weakness.

It is neglect.

The company still trades at relatively moderate multiples compared to peers.

Yet investor attention remains elsewhere.

Markets currently prefer:

large narratives,

big-city ambitions,

high excitement.

Ajmera increasingly sits in a forgotten middle ground.

And forgotten names sometimes become interesting later.

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REITs: Weekly Performance Snapshot

REITLast Week (₹)This Week (₹)Weekly Change52W High52W LowMarket Behaviour
Mindspace Business Parks REIT460.91464.18 +0.7%511.68390.00Stable institutional yield positioning
Brookfield India REIT321.19320.34 -0.3%375.69295.00Mild pressure; leverage sensitivity remains
Embassy Office Parks REIT421.09429.88 +2.1%462.00374.25Institutional confidence improving

REIT Insight

Something subtle shifted in the REIT complex this week. For several weeks, REITs were mostly in capital‑preservation mode while developers took the spotlight. This week, they quietly outperformed many developers on a relative basis. That looks less like panic and more like rotation.

Defensive and income‑seeking capital appears to be trickling back into office‑linked yield vehicles even as it becomes more discriminating on high‑multiple developers. The message is not that growth is dead; it is that investors are beginning to pay more for predictable distributions than for stretched housing narratives.

This week something subtle changed.

For several weeks REITs merely defended capital.

This week:

they started outperforming developers.

That distinction matters.

Because while housing names continued digesting valuation pressure—

yield vehicles quietly stabilised.

This increasingly looks like:

capital rotation,

not panic.

Defensive money may slowly be returning.


Mindspace Business Parks REIT



Mindspace recovered modestly, trading near ₹464 with a 1‑week gain and a still‑healthy one‑year return profile. The price action remains calm — which is precisely the point. Mindspace increasingly behaves as a predictable income instrument: distributions drive ownership decisions more than short‑term price excitement.

In quiet weeks, that can look boring. In volatile weeks, it looks exactly like what many institutions want: low drama, low panic, low surprises.

Mindspace increasingly behaves like:

a predictable income vehicle.

Distributions continue driving ownership behaviour.

Not price excitement.

Not narrative enthusiasm.

Stable periods often make REITs appear boring.

Until volatility returns.


Brookfield India REIT



Brookfield was marginally softer, hovering around ₹320 and modestly underperforming the other two office REITs. The underlying thesis is unchanged: strong assets, but a portfolio and capital structure that demands more attention to leverage and rate sensitivity.

As a result, Brookfield still offers a bit more upside torque than Mindspace when conditions are favourable, but also slightly higher vulnerability when rates or risk appetite wobble. It remains yield plus optionality, not pure defensiveness.

Brookfield remained comparatively soft.

The core framework remains unchanged:

good assets,

slightly higher caution.

Investors continue respecting portfolio quality.

But leverage sensitivity still limits aggressive participation.

Brookfield remains:

yield plus optionality.

Not pure defensiveness.


Embassy Office Parks REIT



Embassy delivered the strongest move in the trio, climbing to nearly ₹430 and logging over 2% gains for the week. Given Embassy’s role as the benchmark Indian office REIT, its tape often acts as a barometer for institutional comfort with office demand and commercial real estate more broadly.

This week’s improvement signals that investors are becoming more relaxed about owning core office exposure at current yields. Not euphoric. Not reckless. Just less cautious than a few months ago — and that nuance is important.

Embassy finally showed stronger relative strength.

A more than 2% weekly move may appear small.

For REITs—

it isn't.

Because Embassy often behaves as a proxy for institutional confidence toward office demand itself.

This week's improvement suggests:

investors may be becoming more comfortable with commercial exposure.

Not euphoric.

Not aggressive.

Simply less cautious.

That is an important distinction.

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Closing Insight:

The Correction Paused. The Interrogation Did Not.

Last week, the market corrected optimism. This week, it reassessed it. Prices stabilised, some leaders bounced, and the sense of immediate danger faded. But the questions institutions are asking have not changed.

Who has durable cash flows? Who truly deserves premium multiples? Who can survive tougher rate and credit regimes? Who can still earn trust when the cycle cools? The broad “own anything real estate” trade increasingly looks behind us. The next phase belongs to companies that can prove themselves quarter after quarter.

Every cycle eventually reaches a point when narratives stop creating valuation and execution starts defending it. Indian real estate appears to be entering that phase now.

The Correction Paused. The Interrogation Did Not.

Last week markets corrected optimism.

This week markets reassessed it.

That difference matters.

Because prices stabilized.

But institutional questions remained unchanged:

Who has durable cash flow?

Who deserves premium multiples?

Who survives difficult cycles?

Who can still earn trust?

The broad rally phase increasingly appears behind us.

The next phase may belong to:

companies capable of proving themselves—

quarter after quarter.

Because eventually every cycle reaches this point:

when narratives stop creating valuation...

and execution starts defending it.

And that process now appears underway.

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Read Previous Articles for Benchmarking:

India Real Estate & REITs – Weekly Snapshot: 15 May 2026
India Real Estate & REITs – Weekly Snapshot: 08 May 2026
India Real Estate & REITs – Weekly Snapshot: 01 May 2026
India Real Estate & REITs – Weekly Snapshot: 24 April 2026
India Real Estate & REITs – Weekly Snapshot: 17 April 2026

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