Real Estate Sector Check - Diwali Comes Early For Residential Segment: ICICI Securities
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ICICI Securities Report
While initial expectations were for new residential launches to commence from October 2021 to coincide with the beginning of the festive season, the waning of the second Covid-19 wave, record low mortgage rates and strong hiring/salary growth in the IT/information technologies enabled services sector has led to developers preponing many launches to August-September 2021 which have seen strong buyer demand.
We expect this momentum to be carried forward into Q3 FY22 (festivals of Dusshera and Diwali) and expect developers to post record sales booking numbers in H2 FY22 led by new launches.
We estimate that the pan-Indian residential market share for our coverage universe will grow from 25% in FY21 to 29% in FY24E.
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