< The 2014 All-India Research TeamSamar SardaKotak SecuritiesFirst-place appearances: 0

Total appearances: 2

Analyst debut: 2013A runner-up in his 2013 debut, Samar Sarda jumps to second place. The Kotak Securities researcher is bullish on India’s real estate industy, citing positive factors on both the demand and supply sides. For example, he says, the number of nuclear families in India is rising, the domestic economy is expanding, and the number of builders has doubled or tripled over the past seven to eight years. Sarda favors developers that maintain positive operating cash flows before acquiring land and that expand into new areas “in a thoughtful way for consolidated volume growth.” Specifically, he points investors to Bangalore-based Sobha Developers, which he deems the best operating developer; and Mumbai’s Oberoi Realty, whose valuation he deems attractive. Sarda also recommends that clients buy India’s largest real estate player, DLF of Gurgaon. “We believe its operations have bottomed out,” he explains, “and recovery in volumes and cash flows will improve in the next four and six quarters, respectively.”