SP Tulsian cautious on real estate stocks

SP Tulsian, sptulsian.com is cautious on real estate stocks. Kolte Patil may settle around Rs 130-132.

Tulsian told CNBC-TV18, “Realty names, things have changed on a fundamental or on ground because if you really see the off-take which we have been seeing happening in the Bangalore property market, things have really started picking up in this last 2-3 months. But since they are all late entrant, Nitesh has joined this party maybe in the last 3-4 days while Brigade has been there but if you really see the kind of run up they all have shown a 45-50 percent increase in the share price, in these last 2-3 months.”
He further added, “The kind of fate which we have seen for Kolte Patil, the stock is settling at a level which maybe about a Rs 130-132. Similar fate is likely to happen with these stocks. Definitely I will throw a caution that maybe Nitesh Estate being a low price stock, traders find it interesting to venture into that but I will keep my cautious stance on all the real estate stocks whether you take the names of Brigade, Nitesh or maybe Prestige Estate.”