Change in rating: With a sharp rise in share prices, we downgrade the real estate sector coverage to NEUTRAL. Changes in TP: We increase TP of Kolte Patil to Rs 177/sh (reduce NAV discount from 35% to 20% as demonetisation is largely behind us). We increase our TP of Brigade Enterprise to Rs 230/sh (reduce rental cap rate to 8.5% and change base property price correction from 15% to 10%.)