Phoenix Mills remains top pick, maintains Sell on DLF as real estate demand conditions remain weak: Citi

IRB Infrastructure Developers  | In 2020 so far, the share price has moved up 76 percent to Rs 131.20. It's trailing twelve months (TTM) P/E was 6.40 multiple while 5-year average P/E was 8.30 multiple.

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26 Aug, 2025 12:21

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Global brokerage house Citi said there are some signs of a rebound in the real estate sector, but it is still a long way to go.

"Residential new launches appear to be bottoming and demand conditions remain weak. On top of that, tightening interest rate environment could take a further toll," the research house said.

So the recovery in realty space is likely to be protracted & gradual, it feels.

Phoenix Mills remains its top pick in the sector and maintain Sell call on DLF, Citi said.

The realty space is the biggest loser among sectoral indices as the Nifty Realty index dropped nearly 25 percent year-to-date against 7 percent upside in Nifty50.