We remain positive on mixed used plays with strong balance sheet. DLF & Oberoi are our top sectoral picks. We hosted Real Estate - COVID 19 Challenges and Opportunities call with JLL India CEO and Country Head Mr. Ramesh Nair. The key takeaways include (1) Strong office fundamentals with low vacancy and limited new supply (2) Occupiers still committed but lease decision getting postponed by few weeks (3) Work from home can take away 7-8% office demand (~3mn sqft annually) (4) Rental pricing may remain muted, mark to market opportunity may get repriced lower (5) Retail worst hit as occupiers asking for rent free period until lockdown (6) Landlords want minimum guarantee, occupiers asking for revenue share, some compromise may happen (7) LRD hit to be borne by landlords, if any (8) Residential real estate to bottom out by CY20E (9) Consolidation to increase further (10) Force majeure difficult to implement, out of court settlement, one on one negotiated settlement way forward.