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HDFC Securities Institutional Equities
We continue to witness strong demand undercurrent with real estate developers reporting record presales during Q4 FY24 either sustenance/new launch driven: Sobha Ltd. (Rs 15 billion, growth of 3% YoY), Prestige Estate Projects Ltd. (Rs 47 billion, growth of 21% YoY), Macrotech Developers Ltd. (Rs 42.1 billion, growth of 39% YoY), and Godrej Properties Ltd. (Rs 95 billionn, growth of 135% YoY).
We expect this momentum to continue in Q1 FY25 as multiple new launches are planned by developers. Within micro-markets, we expect the consolidation story to continue in the top six cities with strong volume/muted price-driven growth in Bengaluru, Mumbai Metropolitan Region and Pune, while National Capital Region growth will be driven largely by higher price appreciation in the luxury segment.
Also, with the pick-up in launches and more supply, the average price realisation is expected to be muted, in line with inflation.
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Also Read: Building Materials Q4 Results Preview - Moderate Performance Continue: Prabhudas Lilladher
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