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Dolat Capital Report
Q2 FY23 is set to discard the tag of a seasonally weak quarter. We forecast cumulative presales for our coverage universe increasing up 7% QoQ / up 29% YoY and matching the average quarterly run-rate of the best three quarters over the last two years (FY21 and FY22).
At the industry level, based on monthly run-rate of July and August, total absorption (in units) for tier-I cities (top seven markets) is up 13% YoY while down 7% QoQ.
Notably total absorption in National Capital Region is implying the highest growth QoQ at 5% led by strong offtake in Gurgaon (up 45% QoQ). Also, given September a seasonally stronger month versus July / August, we see upside risk to the implied unit absorption growth for the industry overall.
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