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Nirmal Bang Report
Nationwide lockdown was imposed by the Indian government from March 25, 2020 to May 31, 2020, post which certain economic activities were permitted to commence in a phased manner.
However, the unlock plans announced by the government were not applicable unanimously across the country.
While problems related to raw material availability were not as adverse in Q2 FY21 as they were in Q1 FY21, problem of labor migration continued during the quarter.
The sites were not operating with full labor capacity during the quarter, thus keeping the run-rate for the construction of real estate projects low.
While the pre-sales for companies have been encouraging to a certain extent, the distress in realizations is expected to continue.
We have assumed 44-53% YoY decline in residential sales of real estate companies.
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