ICICI Securities: Real Estate Residential Segment Check - The Wheat Gets Separated From The Chaff
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ICICI Securities Report
After a washout in Q1 FY21 due to Covid-19-induced lockdown, Q2 FY21 has seen residential industry volumes revive to 65% of pre-Covid levels owing to a mix of pent-up demand, price discounts and low mortgage rates.
At the same time, Q2 FY21 sales bookings for our listed coverage universe stood at 70-100% of Q2 FY20 sales, which points to continued consolidation and market share gains.
For H2 FY21-FY22E, all listed developers have a number of planned launches and continue to focus on monetisation of ready inventory.
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