Real Estate Outlook 2022 - Faster, Higher, Stronger: ICICI Securities
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ICICI Securities Report
In spite of two successive Covid-19 waves in India in CY20 and CY21, listed developers have weathered the storm remarkably well and sector consolidation has accelerated along with balance sheet de-leveraging.
In CY21, the clear winner was the residential segment 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 annuity assets across offices, malls and hotels saw a muted CY21 performance, green shoots are visible from October 2021 in the form of increased office leasing, recovery in mall consumption to pre-Covid levels and improved hotel occupancies.
Barring any third Covid wave disruption across India, we expect residential housing demand to sustain in CY22 and annuity asset plays to see recovery to pre-Covid levels.
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