Change in rating: Due to the recent price performance we downgrade Brigade to NEU from BUY. The NIFTY Realty index has gained 14.9/20.1% over 6M/YTD respectively post the NBFC liquidity crisis easing partially and receiving clarity on GST credit rules. But, the index has remained flat over the last 3 months as concerns remain on burgeoning inventory levels in the system (including slow-moving high-end inventory) and overall funding constraints for developers. We have seen developers increase affordable projects in their overall mix.