Real Estate - Cracker Of A Festive Season For Residential Segment: ICICI Securities
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ICICI Securities Report
As per our channel checks, the momentum seen in residential sales bookings in Q2 FY22 has continued into the festive season in Q3 FY22 (October-December 2021) across India with a combination of low mortgage rates, stable residential prices, strong salary/hiring growth in the IT/IT enabled services sector, and continued work-from-home driving demand.
While we expect our coverage universe to clock 21% YoY growth in Q3 FY22 sales bookings, we expect sales to remain flat on QoQ basis owing to the high base of the previous quarter.
A common theme which we observe is that while developers have launched a few projects during the festive season, a bulk of the planned FY22 launches are expected to happen in Q4 FY22 (January-March 2022).
While the possibility of an adverse impact owing to a third Covid-19 wave across India remains, we believe that developers have adapted themselves well to digital platforms and continued work-from-home may support residential demand in Q4 FY22.
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