SOBHA’s 1QFY17 presales declined 11% QoQ to INR4.7b (0.8msf). Bangalore volumes were down (-193% YoY, -9% QoQ) and remain at 75% of overall volumes. NCR contribution increased due to the launch of Sobha City. Thissur, Coimbatore and Pune also saw some uptick in sales. The stock lacks immediate revival visibility. Maintain Buy with a target price of INR360.SOBHA’s 1QFY17 presales declined 11% QoQ to INR4.7b (0.8msf). Bangalore volumes were down (-193% YoY, -9% QoQ) and remain at 75% of overall volumes. NCR contribution increased due to the launch of Sobha City. Thissur, Coimbatore and Pune also saw some uptick in sales.The stock lacks immediate revival visibility. Motilal Oswal Maintain Buy with a target price of INR360.Trendlyne has 6 reports on SOBHA updated in the last year from 3 brokers with an average target of Rs 353.3.Brokers have a rating for SOBHA with 2 price downgrades in past 6 months.