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HDFC Securities Report
We are positively surprised by the pre-sales recovery momentum building up in the sector post the unlocks.
Whilst the street was expecting a slow recovery towards normalcy, our channel checks dated Sept. 30, 2020 suggested an accelerated recovery for the organised developers.
Mumbai Metropolitan Region/National Capital Region recovery is expected to be lower at 60-70% of pre-Covid-19 levels.
Stamp duty cut in MMR has brought fence-sitters to the negotiating table and should aid accelerated deal closures.
The focus remains on completed projects, followed by under-construction projects of reputed Tier-1 developers in the respective macro market.
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