Listed Players to Develop 92.5 mn sq ft of Branded Housing across Cities
According to an ANAROCK study, listed players now have their crosshairs trained on tier 2 and 3 cities. The listed developers considered are Brigade Enterprises, Godrej Properties, Kolte-Patil, Mahindra Lifespace Developers, Prestige Estates, Puravankara Ltd and Sobha Ltd. Data from the financial presentations of the top 7 listed realty companies reveals that they are gearing up to launch close to 92.5 mn sq ft of new residential space within the next 1-2 years. Apart from the top 7 cities, they are also zeroing in on these major tiers 2 and 3 cities – and at least 70-75% of this supply may be launched in FY2022 itself. These listed developers’ corresponding financial presentations data from previous financial years indicates a steady y-o-y growth in new launches. Despite COVID-19 in FY2021, the total new launches by these top 7 listed players rose by 11% against the preceding FY – from approx. 28.3 mn sq ft in FY2020 to approx 31.37 mn sq ft in FY2021. The current expansion pipeline of approx. 92.5 mn sq ft clearly indicates that strong, listed developers will continue to dominate the new residential supply and accelerate their market share gain. The days when these cities’ residential supply was dominated by local players will soon be over. Demand is also chasing projects by leading developers, so their expansion into tier 2 & tier 3 cities is a given. The robust housing sales by the top 7 listed real estate players in the previous financial years have been a huge confidence booster for them. Data indicates that these listed players cumulatively sold approx. 32.61 mn sq ft of housing in FY2021 despite the pandemic – an increase of 7% over FY2020, when approx. 30.45 mn sq ft area was sold.
Tags : News/Views Develop cities Listed Players Branded Housing