BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Motilal Oswal Report
In CY22, residential real estate demand in the top-eight cities scaled a nine-year high, while office demand witnessed a robust recovery. As per Knight Frank, the demand trajectory remained positive in H1 CY23 too, with housing sales of ~1.57 lakh units (flat YoY).
New supply marginally exceeded demand as launches grew 8% in H1 CY23 YoY to ~1.73 lakh units.
Contrary to historical trends, the share of the affordable segment, which was the largest until recently, has now been eclipsed by the mid-income segment, driven by consistent growth in demand for larger homes since the pandemic and improved affordability.
While industry demand remains steady, our coverage companies continue to grow at a faster pace, aided by consolidation and forays into new markets.
In April-June 2023, we estimate our coverage universe to deliver 9% YoY growth in pre-sales, implying 11% YoY growth (excluding DLF Ltd.) in H1 CY23, thus outperforming industry growth.
Leasing demand in commercial real estate remained resilient at 25-26 million square feet, aided by domestic companies and growing preference for shared spaces. New supply declined 24% YoY to 18 msf, resulting in a minor drop in vacancy.
We continue to prefer players that have the ability to grow faster and a focused business development strategy.
Prestige Estate Projects Ltd. and Brigade Enterprises Ltd. are our preferred picks.
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