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While Covid-19 concerns may linger in CY21E, we expect the broader theme of consolidation in favour of large, organized developers to accelerate in CY21 as a number of unlisted developers continue to remain in financial trouble and grapple with stalled projects.
Q2 FY21 residential sales bookings for our coverage universe stood at 70-100% of Q2 FY20 sales, which points to continued consolidation and market share gains.
For CY21, all listed developers have a number of planned launches and continue to focus on monetisation of ready inventory.
For office leasing, while CY20E may see a 50% YoY decline in demand, we expect leasing momentum to bounce back in CY21.
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