* Property firms such as Housing Development & Infrastructure Ltd gain on hopes for a pickup in demand tied to the Diwali festival season in mid-November, a time considered auspicious in the country. * "Real estate stock valuations are cheap, huge difference between stock valuations and project valuations, festive demand is tepid but prices are not falling," said Hiten Gala, a senior manager advisory at Brokerage Sharekhan, listing reasons for the rally. * HDIL surges 6 percent, DLF gains 1.9 percent while Indiabulls Real Estate is up 3.6 percent. (Reporting by Rafael Nam)
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