Look at NBFC space: Mayuresh Joshi

Mayuresh Joshi - fund manager - PMS at Angel Broking told CNBC-TV18, "Clearly surprised by the movement that you seen in the high beta stocks within the real estate space. However, if you look at the balance sheets for the year gone by, they are all balance sheets with stressed numbers. So clearly the pre-sales are not coming through even in terms of their commercial assets that a few real estate companies are working with. There has been some amount of nominal increase and again realisations have not grown substantially over the past few quarters."

"Again weak pre sales, high amount of debt or leverage on to their books clearly do not indicate that real estate is out of the woods. So I am extremely surprised probably by the move that we have probably seen. What I probably like is indirect way of looking at this sector, so we will be still holding on to our stance. Look at non-banking finance companies (NBFCs) specifically the housing finance companies, so something like LIC Housing Finance is still where we believe the NII growth can be quite robust. The assets quality has been quite stable. So NBFC is the way that we look at it. But again extremely surprised by the move that we have seen in real estate stocks," he said.