Top Picks: DLF and Sobha. The NIFTY Realty index has corrected 12.1% over the last 3 months. Weak property buying sentiments, high unsold inventory and paucity of new launches has impacted 2QFY20 pre-sales. As we enter into the festive season, new launches have picked up. We believe that discounts/sales promotion will speed up ready inventory monetization. We remain constructive on volumes with muted expectation on pricing power.