Nifty Realty gains 6%: Is this the start of a new up-cycle? Equirus Cap's Vijay Agrawal answers

The Nifty Realty index rose 6% over the past month, signalling a potential new up-cycle driven by strong year-on-year pre-sales and collections, a shift from unorganised to listed developers, fresh project launches, and declining unsold inventory. City-level recovery is uneven, with Pune, Bangalore, Hyderabad and Gurgaon leading while Mumbai remains stagnant. Beyond housing, data centres are emerging as a major growth vertical, with India's capacity at around 1.4 gigawatts targeted to reach 6-7 gigawatts by 2030, offering significantly higher rental yields for developers.