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Motilal Oswal Report
In line with seasonal trends, new project launches across markets are likely to moderate in Q1 FY24 post-strong Q4 FY23. Further, the companies are likely to focus on churning inventories at existing projects.
Adjusted for the impact on product mix, realisations are likely to remain flat during the quarter.
Bengaluru to outshine other markets:
Our coverage universe is expected to report pre-sales of Rs 146 billion in Q1 FY24, up 9% YoY. Though this implies a steady quarter, Bengaluru-focused companies are anticipated to outperform others among our coverage.
According to Anarock, Bengaluru has witnessed a strong 31% YoY growth in housing sales in Q1 FY24 and our recent visit to the city corroborated this robust on-ground demand with large players having meager inventory in ongoing projects.
Hence, despite the lack of significant launches, we expect Prestige Estate Projects Ltd./Sobha Ltd./Brigade Enterprises Ltd. to report 24%/15%/8% YoY growth in pre-sales in Q1 FY24.
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