Archive · 30 Sep 2026
Axis Capital Retains Four Real Estate Picks Amid Steady Demand
Axis Capital studied how homes were selling in India’s biggest cities during August.
More homes were sold than in the same month a year earlier.
Most sales came from projects that had already been launched, rather than brand-new projects.
Home prices also increased, which made the total value of sales rise.
Hyderabad and the Mumbai Metropolitan Region performed especially well.
Sales were weaker in the National Capital Region and Bengaluru, although their results were generally near longer-term averages.
The number of unsold homes remained relatively controlled.
Axis Capital believes established and listed developers may benefit and named four companies as its top picks.
Housing absorption across India’s top seven cities rose 4% year-on-year to 59.4 million sq ft in August.
Sustenance bookings increased 6% to 53.7 million sq ft and made up 90% of total bookings.
Average realisation rose 8% year-on-year to Rs 11,503 per sq ft, lifting sales value 13% to Rs 68,300 crore.
Axis Capital retained Prestige Estates, DLF, Brigade Enterprises and Max Estates as its four residential-sector top picks.
The brokerage set target prices implying upside of 40% for Prestige, 49% for DLF, 47% for Brigade and 30% for Max Estates.
- Who
- Axis Capital and the listed developers Prestige Estates Projects, DLF, Brigade Enterprises and Max Estates.
- What
- Axis Capital retained four real estate stocks as top picks and reported steady housing absorption, rising prices and controlled inventory across India’s top seven cities.
- When
- The market data covers August, with the report also assessing launch trends since December 2025.
- Where
- India’s top seven residential markets, including Hyderabad, the Mumbai Metropolitan Region, the National Capital Region, Bengaluru and Pune.
- Why
- Axis Capital expects housing demand to remain consistent if project launches continue and property prices keep rising steadily.
- Top-seven-city absorption
- 59.4 million sq ft in August, up 4% year-on-year.
- Sustenance bookings
- 53.7 million sq ft, up 6% year-on-year and representing 90% of total bookings.
- Average realisation
- Rs 11,503 per sq ft, up 8% year-on-year.
- Sales value
- Rs 68,300 crore across the seven markets, up 13% year-on-year.
- Inventory
- About 634,000 units, with housing overhang near 17 months.
- Prestige Estates target
- Rs 2,060, implying 40% upside, according to Axis Capital.
- DLF target
- Rs 1,000, implying 49% upside, according to Axis Capital.
- Other target prices
- Rs 890 for Brigade Enterprises, implying 47% upside, and Rs 800 for Max Estates, implying 30% upside.