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Heading into the festive season in India in H2 FY22, listed developers have lined up a number of launches across tier I cities.
Low mortgage rates, stable property prices and robust hiring outlook for IT/information technology enabled services and financial services, especially in South India and continued work-from-home is expected to support residential housing demand.
While we are believers in an upcycle for the residential sector, we are of the view that a sustained single digit sales price compound annual growth rate is beneficial for all stakeholders rather than a super cycle similar to FY03-07 where prices went up by three to four times in a short period.
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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