Top Picks: DLF and Sobha The NIFTY Realty index has delivered ~21% returns over the last 3M, largely driven by DLF delivering 58% returns. Whilst residential markets remain muted, cap rate compression has started reflecting in stock prices. Though there is a marginal recovery in the premium segment viz. Gurgaon for DLF and in pockets of Mumbai, the overall sentiment still remains muted.