Real Estate Sector Check - Organised Players Will Continue To Benefit: ICICI Securities

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ICICI Securities Report

Q4 FY21 saw residential sales volumes across India’s tier-1 residential cities rising 9% YoY and 32% QoQ.

Accordingly, all listed developers are expected to report strong sales bookings for the second consecutive quarter.

Heading into FY22E, the Covid-19 induced lockdowns across India bring a sense of ‘deja vu’ and we expect near-term headwinds for residential sales.

However, as seen from the experience of FY21, FY22E is again likely to be a tale of two halves with H2 FY22 expected to make up for lost sales in H1 FY22.

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