Real Estate Stocks Price in Near-Zero Growth: Kotak's Arsiwalla

• Murtuza Arsiwalla of Kotak Institutional Equities believes realty stocks are pricing in almost no near-term growth.
• Industry volumes are moderating, raising concerns about future sales despite strong company-level performance.
• Approval delays are a bottleneck for new launches, with questions arising if they mask softer demand or supply constraints.
• DLF and Brigade Enterprises are highlighted for their annuity income component, which the market may be undervaluing.
• Despite concerns like AI's impact on IT hiring, commercial real estate data shows strong office leasing, indicating continued corporate expansion.