HDFC Securities: India Real Estate Sector - Ripe For Consumption
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HDFC Securities Report
Covid-19 has been a black swan event, which has hit the retail malls sector hard, both globally and locally.
In the near term, this has led to asset values correcting 35-40% with concerns on survival of the modern-day consumption format.
But consumption in the system remains subdued due to regulatory restrictions and personal safety preferences.
We believe we are a vaccine away from normalcy, and it will be a hard road over the next 12-15 months.
For well capitalized organized players, it is a blessing in disguise to be able to (1) build inorganic assets at high cap rates (2) optimize/relook capital allocation, and (3) further gain market share through consolidation.
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