Change in rating: With recent price correction we upgrade Kolte Patil to BUY from NEUTRAL. Over last 3M, Nifty Realty index has corrected 25%. Reversal of interest rate cycle and tightening of liquidity to NBFCs has hit sentiments. Whilst a large part of our coverage universe is organized, slowing down of NBFC lending may delay pre-sales recovery. Cost of funding for developers may also increase for land acquisitions as NBFC/CPs funds dry up.