Underweight on Real estate: Prashasta Seth, IIFL Wealth

In a chat with ET Now, Prashasta Seth, Senior Fund Manager, IIFL Wealth talks about real estate.

What would you do with the real estate pack?

We have moved out of some of the real estate counters at probably these levels only. It is going to be a very selective play and companies like DLF for example where no clarity has emerged in terms of their reduction in their debt. Those plays might probably continue to be high beta play and if the market gives up, they will probably give up again. So we have used this opportunity to trim exposure to some of the real estate stocks. We are taking a look at very selective real estate stocks like stocks with real estate stories like Bombay Dyeing but broadly we are underweight on real estate at this point of time after the run up that we have seen in the last 3 months or so.