Recommendations and stock pick: We expect mixed-use plays to outperform pure plays as office segment is least impacted followed by retail, residential and hospitality. DLF, Brigade and Prestige Estates are our top sectoral bets. Oberoi may see delayed recovery on account of concentrated exposure to highly unaffordable Mumbai realty market. 1QFY21 hit by COVID-19: Real estate being highly cyclical has been hit hard by the COVID-19 pandemic. The first two months of 1QFY21 were nearly a washout with realty companies adopting the digital way of doing business. Things have improved from June-20 and, with partial aid from online channels, we expect coverage companies to report 40-65% of normal quarterly pre-sales. Affordable housing players are seeing a faster recovery vs. luxury segment players. As things were turning positive, the re-imposition of a partial lockdown may lead to delayed recovery, though it would make a case for further extension in the moratorium.