Residential Real Estate -

National Capital Region

Years-to-sell in NCR to remain
comfortable at below 1x as of March
2024 supported by healthy sales
momentum and decadal low inventory
December 2023
s.sahu@adityabirlacapital.com 1/31/2024 10:24:05 AM
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Highlights
▪ The area sold in NCR improved significantly by 46% YoY to 74 million square feet (msf) in FY2023, supported
by strong end-user demand. ICRA expects the area sold in NCR to grow by a further mild ~1-2% in FY2024, on
the high base of FY2023. Within NCR, Gurugram was the largest contributor to area sold at 51%, followed by
Greater Noida and the Noida markets at 18% and 17%, respectively in FY2023.
▪ NCR reported sales of 195 msf during FY2021-H1 FY2024, while the new launches were at 135 msf during the
Click to Provide Feedback same period. In FY2023, the total launches in the NCR market doubled at nearly 64 msf, while the area sold
remained at 74 msf. The replacement ratio stood at 0.9 times in FY2023, which reduced to 0.5 times in H1
FY2024 on account of calibrated launches while sales remained healthy during the period.
Area sold in National Capital Region ▪ The years to sell (YTS) witnessed a considerable reduction in NCR to 0.7 years as of September 2023 from 2.6
(NCR) is expected to report marginal years in September 2020, driven by strong demand and calibrated launches. The YTS is likely to remain
growth of 1-2% in FY2024 on high base comfortable below 1 year as of March 2024 (1.0 year as of March 2023).
of previous year. ▪ The average selling price in NCR grew by about 42% in FY2023, which is the highest among the top seven
cities. Strong housing demand, especially for the luxury segment coupled with low inventory levels, has
In the NCR, the years to sell (YTS) is supported the increase in average sales price. However, the same reduced by about 3-4% in H1 FY2024
likely to remain comfortable at below 1 compared to FY2023 levels.
year as of March 2024 supported by ▪ ICRA’s outlook on the residential real estate sector is Stable and it expects the overall sales velocity and
healthy sales momentum and decadal collections to remain healthy for its sample set. The sales are expected to grow by 15-17% in FY2024 and
low levels of unsold inventory on ~11-12% in FY2025, while the collections are likely to increase by 19-21% in both FY2024 and FY2025,
account of calibrated launches. supported by an expected increase in unit sales, hike in average selling price and a ramp-up in project
execution, thus resulting in an improvement in cash flow from operations (CFO). The gross debt levels may
increase by 17-19% in FY2024 and are likely to remain at similar levels in FY2025. Nonetheless, the leverage,
as measured by gross debt/CFO, is expected to remain comfortable between 1.70-1.75 times in FY2024 and
1.55-1.60 times in FY2025, supported by healthy cash flows.

Source: Propequity and ICRA Research; Top Seven Cities:s.sahu@adityabirlacapital.com

Mumbai Metropolitan Region (MMR), National Capital1/31/2024
Region (NCR), Bengaluru,
10:24:05 Hyderabad,
AMPune, Kolkata, Chennai;
ICRA’s sample set includes Sobha Limited, Ashiana Housing Limited, Puravankara Limited, DLF Limited, Brigade Enterprises Limited, Keystone Realtors Limited, Prestige Estates 22
Projects Limited, Mahindra Lifespace Developers Ltd, Godrej Properties Limited and Macrotech Developers Limited www.icra.in
Agenda

1 Outlook on Indian residential

real estate segment 2 Trend in key metrics in NCR
3 Rating actions in ICRA’s
residential real estate portfolio

s.sahu@adityabirlacapital.com 1/31/2024 10:24:05 AM

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Outlook on Indian Residential Real Estate Segment - Stable

Credit profile expected to remain Stable

s.sahu@adityabirlacapital.com 1/31/2024 10:24:05 AM
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Indian Residential Real Estate Outlook – Stable

₹ ₹

Area sold is likely to grow
by 15-17% in FY2024 and
by about 11-12% in
FY2025, driven by the
continued strong end-user
demand and healthy,
albeit moderating,
affordability.
Collections are likely to
increase by 19-21% in both
FY2024 and FY2025,
supported by an expected
increase in unit sales, hike
in average selling prices
and ramp-up in project
execution.
Growth in CFO is expected
to increase from 9-11% in
FY2024 to 11-13% in
FY2025.
Gross debt levels may Gross debt/CFO is
grow by around 17-19% in expected to remain
FY2024 and may remain at comfortable between
similar levels in FY2025, 1.70-1.75 times in FY2024
given the increased land and 1.55-1.60 times in
acquisition for new FY2025, supported by
business development in healthy cash flows.
addition to the higher
construction finance debt,
due to ramp-up in project
execution

Cash flow from

Sales Collections Gross debt Gross debt/CFO
operations

Source: ICRA Research; Based on ICRA’s sample set includes Sobha Limited, Ashiana Housing Limited, Puravankara
s.sahu@adityabirlacapital.com Limited, DLF Limited,
1/31/2024 Brigade Enterprises
10:24:05 AM Limited, Keystone
Realtors Limited, Prestige Estates Projects Limited, Mahindra Lifespace Developers Ltd, Godrej Properties Limited, and Macrotech Developers Limited 55
www.icra.in
Indian Residential Real Estate: Outlook –replacement ratio inching above one
time in FY2024
Exhibit : Trend in annual sales, launches and replacement ratio in top seven cities

Covid Phase 1
Demonetisation
800 1.40

GST & RERA

NBFC/HFC
700 1.30

and 2
crisis
600 1.20
500 1.10
400 1.00
300 0.90
200 0.80
100 0.70
0 0.60
FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 (P)

Sales (LHS) Launches (LHS) Replacement Ratio (RHS)

▪ During the past two years (FY2022 and FY2023), the residential sales have seen healthy growth backed by strong consumer sentiment and healthy demand. FY2023
posted a robust performance with area sold as well as launches in top seven cities in FY2023 up by 34% each, reaching 605 msf. On this high base, ICRA expects overall
sales velocity to remain healthy in the top seven cities in FY2024 to report a further growth of about 13-15% on YoY to around 688 msf supported by strong consumer
sentiment and healthy, albeit moderating, affordability.
▪ Further, supported by decadal low inventory and low years-to-sell, the developers are expected to augment their launch pipeline. ICRA expects the launches to be at a
decadal high in the range of about 690-710 msf in FY2024 (higher ~16% YoY), on an aggregate basis across the top seven cities. Consequently, ICRA expects the
replacement ratio to increase slightly above 1 time across top seven cities in FY2024 (PY: 1.00 times).

Source: Prop Equity and ICRA Research s.sahu@adityabirlacapital.com 1/31/2024 10:24:05 AM

Top Seven Cities: Bengaluru, Chennai, Hyderabad, Kolkata, MMR, NCR, Pune 66
www.icra.in
 Trend in Key Metrics for NCR

Healthy increase in average selling price in FY2024 backed by higher contribution of sales
froms.sahu@adityabirlacapital.com
luxury segment, low inventory and strong YTS
1/31/2024 10:24:05 AM
Strong sales performance since FY2022; expected to continue in FY2024

Exhibit: Trend in annual sales for top-seven cities and NCR (in msf)

800 757 16%

688
700 14% 14% 14%
13% 605
600 12% 12% 12%
10% 12% 11%
11%
500 443 10%
363 373
400 334 8%
296 295
300 6%
200 4%
74 75 85
100 42 38 52 44 35 51 2%
0 0%
FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024P FY2025P

Top 7 cities NCR % Share of NCR

▪ ICRA expects the area sold in NCR to increase by a mild 1-2% in FY2024, on the high base of FY2023, supported by continued strong end-user demand and
healthy, albeit moderating, affordability. During H1 FY2024, NCR reported 25% YoY expansion in the area sold to 35 msf on a low base (28 msf in H1 FY2023).
▪ NCR accounted for 10-14% of the total area sold annually in the top seven cities during FY2017-FY2023 and may be in a similar range in FY2024 and FY2025.
▪ The area sold for the top seven cities increased at a CAGR of 35% from 334 msf to 605 msf between FY2021 to FY2023; however, the growth rate was higher
for the NCR market at 46%, increasing from 35 msf to 74 msf during the same period.
▪ ICRA expects the area sold for the top seven cities to improve by 13-15% in FY2024 and by about 10-11% in FY2025 driven by healthy end-user demand.

Source: ICRA Research and Propequity; msf: million square feet; data excluding stalled projects
s.sahu@adityabirlacapital.com 1/31/2024 10:24:05 AM
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Healthy sales velocity leading to sustained reduction in unsold inventory

Exhibit: Trend in unsold inventory in top seven cities (msf) as on quarter

Exhibit: Trend in unsold inventory in NCR (msf) as on quarter end
end

770 140.0
130.0
750
120.0
730 110.0
100.0
710
90.0
690 80.0
70.0
670
60.0
650 50.0
Q1FY2020

Q4FY2023

Q4FY2020
Q2FY2020
Q3FY2020
Q4FY2020
Q1FY2021
Q2FY2021
Q3FY2021
Q4FY2021
Q1FY2022
Q2FY2022
Q3FY2022
Q4FY2022
Q1FY2023
Q2FY2023
Q3FY2023

Q1FY2024
Q2FY2024

Q1FY2020
Q2FY2020
Q3FY2020

Q1FY2021
Q2FY2021
Q3FY2021
Q4FY2021
Q1FY2022
Q2FY2022
Q3FY2022
Q4FY2022
Q1FY2023
Q2FY2023
Q3FY2023
Q4FY2023
Q1FY2024
Q2FY2024
▪ The unsold inventory for the top seven cities has witnessed considerable decline over the past 12 quarters to 662 msf as of September 2023 from 735 msf as
of September 2020.
▪ The unsold inventory in NCR declined from 127 msf as of September 2020 to 57 msf as of September 2023, which accounts for ~17% of the total unsold
inventory in the top seven cities. The unsold inventory increased as of March 2023 on account of significant rise in new launches during Q4 FY2023, however,
the same reduced in H1 FY2024 on account of healthy sales momentum and calibrated launches during the period. The extent of new launches and
sustenance of current sales momentum will determine the movement in unsold inventory levels going forward.

Source: ICRA Research and Propequity s.sahu@adityabirlacapital.com 1/31/2024 10:24:05 AM

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Overview of NCR market

Exhibit: Region-wise contribution to unsold inventory (msf) as on September 30,2023

2%
3%
Delhi Faridabad
15%
Ghaziabad 33%

Delhi Ghaziabad Gurugram

32%
16% Noida Greater Noida

Noida

Delhi – Shivaji Marg, Dwarka, Kapashera, Okhla Phase-I, Connaught Place.

Faridabad – Sector 64, Sector 48 (Old Faridabad), Sector 88, Sector 87, Sector 70 (Greater Faridabad).
Ghaziabad – NH-24 Bypass, Raj Nagar Extension, Siddhartha Vihar, NH-24, Vaishali.
Greater
Gurugram – Sector 79 (SPR), Sector 111, Sector 113 (Dwarka Expressway), Sector 93 (New Gurugram),
Noida Sector 61 (GCR Extension).
Gurugram Faridabad Noida – Sector 150 (Expressway 2), Sector 43 (Main road), Sector 146 (Expressway 2), Sector 115 (Central
Noida), Sector 143B (Expressway 2).
Greater Noida – Sector 1 (Noida Extension), Tech Zone-IV (Noida Extension), Sector 12 (Noida Extension),
Sector 16B, Sector 16C (Noida Extension).

Source: ICRA Research, Google Maps and Propequity s.sahu@adityabirlacapital.com 1/31/2024 10:24:05 AM
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Reduction in available supply despite new launches in FY2023

Exhibit: Yearly trend in new launches in NCR (msf) Exhibit: Quarterly trend in new launches and available supply in NCR (msf)

90 30 28 160
78
80 25 140
70 64 19 120
20 100
60 51
15 11 12 80
50 10 9 11
36 10 8 8 8 7 60
40 34 32 6 6 7
29 27 27 4 5 4 40
30 21 5 20
18 0
20 0 0

Q3FY2021
Q1FY2020
Q2FY2020
Q3FY2020
Q4FY2020
Q1FY2021
Q2FY2021

Q4FY2021
Q1FY2022
Q2FY2022
Q3FY2022
Q4FY2022
Q1FY2023
Q2FY2023
Q3FY2023
Q4FY2023
Q1FY2024
Q2FY2024
10
0

H1FY2024
FY2014

FY2015

FY2016

FY2017

FY2018

FY2019

FY2020

FY2021

FY2022

FY2023
New Launches (LHS) Available supply (RHS)

▪ The new launches saw significant growth in FY2023 while the available supply reduced considerably from 113 msf as of September 2021 to 57 msf as of
September 2023, mainly on account of continued healthy sales traction. NCR reported sales of 195 msf during FY2021-H1 FY2024, while the new launches
were at 135 msf during the same period.
▪ The new launches grew to 64 msf in FY2023 from 32 msf in FY2022 and 21 msf in FY2021 (low due to Covid-19).
▪ In H1 FY2024, the new launches were at 18 msf, which was higher by 6% on YoY basis, while sales remained strong at 35 msf during the same period, resulting
in a decline in available supply to 57 msf as of September 2023.

Source: Propequity and ICRA Research; Available supply iss.sahu@adityabirlacapital.com

unsold inventory at the start of the quarter plus new launches during the
1/31/2024 quarter
10:24:05 AM
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Reduced inventory overhang

Exhibit: Trend in yearly sales in NCR (msf) Exhibit: Trend in years to sell (YTS) for NCR

80 4.5
4.0
70
3.5
60
3.0
50 2.5
2.0
40
1.5
30
1.0
20 0.5
FY2014

FY2015

FY2016

FY2017

FY2018

FY2019

FY2020

FY2021

FY2022

FY2023

FY2014

FY2015

FY2016

FY2017

FY2018

FY2019

FY2020

FY2021

FY2022

FY2023
▪ Over the past five years, the inventory overhang, as measured by years to sell (YTS), witnessed a significant reduction, supported by healthy sales velocity. The
YTS improved significantly to 1.0 years as of March 2023 compared to 4.0 years as of March 2018, mainly led by strong sales momentum coupled with
calibrated launches.
▪ All the micro markets in NCR reported YTS of less than or equal to 1 times as of September 2023, except for the Ghaziabad market, wherein it was higher at
around 1.3 years. Nonetheless, the market has witnessed significant reduction in YTS from September 2021 levels of 4.3 years.

Source; Propequity and ICRA Research; YTS= Unsold Inventory/ Area sold in last four quarters
s.sahu@adityabirlacapital.com 1/31/2024 10:24:05 AM
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Healthy replacement ratio below 1 time

Exhibit 8: Replacement Ratio for NCR Exhibit 9: Replacement Ratio for FY2023

1.4 1.4 1.3

1.1
1.2 1.0 1.2
1.0 0.9 1.0 0.9
0.8 0.7 0.7 0.7 0.7 0.8
0.6 0.6 0.6
0.5 0.6
0.6 0.6 0.4 0.4 0.5
0.4 0.4
0.2
0.2 0.2
0.0 0.0

Noida
Gurugram
H1FY2024

Delhi

Greater Noida
FY2014

FY2015

FY2016

FY2017

FY2018

FY2019

FY2020

FY2021

FY2022

FY2023

NCR
Ghaziabad

Faridabad
▪ In FY2023, the fresh launches added during the year were at 64 msf, which was lower than the overall sales in the NCR market at 75 msf, resulting in a healthy
replacement ratio of 0.9 times. The replacement ratio reduced to 0.5 times as of September 2023 on account of calibrated launches while the sales remained
healthy.
▪ As of September 2023, the unsold inventory in NCR stood at 57 msf. The Gurugram region accounted for the largest share (34%) of unsold inventory.
However, the maximum launches also happened in Gurugram in the NCR region accounting for around 73% of the total new launches and around 49% of the
total sales in the NCR region for FY2023. Consequently, Gurugram’s replacement ratio stood at 1.3 times in FY2023.

Source; Propequity and ICRA Research, Replacement Ratio= (Total fresh supply in a year)/(Area sold in a year)
s.sahu@adityabirlacapital.com 1/31/2024 10:24:05 AM
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Increasing preference for luxury segment among home buyers

Exhibit: Quarterly trend in segment-wise contribution to area sold (msf) in NCR

100%
90% 26% 26%
28% 33% 30% 31% 30% 31% 30% 36% 34%
80% 37% 41% 42% 49% 54% 54% 56%
70%
60%
50% 41% 43% 41% 46%
40% 43% 46% 50% 52% 44%
40% 46% 46% 40% 39%
30% 33%
34% 34% 31%
20%
31% 31% 27% 29% 27% 26% 24%
10% 19% 18% 18% 17% 19% 19% 22% 18% 12% 12% 13%
0%
Q1FY2020

Q2FY2020

Q3FY2020

Q4FY2020

Q1FY2021

Q2FY2021

Q3FY2021

Q4FY2021

Q1FY2022

Q2FY2022

Q3FY2022

Q4FY2022

Q1FY2023

Q2FY2023

Q3FY2023

Q4FY2023

Q1FY2024

Q2FY2024
Affordable (Below Rs 75 lakhs) Mid (Between Rs 0.75-2.0 crore) Luxury (Above Rs 2.0 crore)

• The residential sales in the NCR market is primarily driven by the luxury segment with ticket size in excess of Rs 2.0 crore. This segment has seen a significant
gain in its share in the overall sales to 56% in Q2 FY2024 from 31% in Q2 FY2021. However, the mid-income segment (ticket size between Rs 0.75-2.0 crore)
witnessed a steady reduction in its share to 31% of the total share from 43% and the affordable segment (ticket size below Rs 75 lakhs) share reduced to 13%
from 26% during the same period. Going forward, this trend is expected to continue, driven by the increase in disposable incomes, desire for larger spaces
and changing consumer preferences.

Source: Propequity and ICRA Research s.sahu@adityabirlacapital.com 1/31/2024 10:24:05 AM

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Decadal low inventory levels and luxury segment sales continue to drive the
average sales price in NCR
Exhibit: Region-wise trend in sales price (Rs/sq ft) in NCR - CAGR between Q2FY2020 to Q2FY2024

25000 25%

20000 19% 20%

17%
15000 15%
12% 11% 12%
10000 10%
9%

5000 5%

0 1% 0%
Delhi Gurugram Faridabad Noida Greater Noida Ghaziabad NCR

Q2FY2020 Q2FY2021 Q2FY2022 Q2FY2023 Q2FY2024 CAGR

▪ The average selling prices in the NCR increased at a CAGR of 17% during the past four years from September 2019 till September 2023, which is among the highest
average rises for the top seven cities during this period. Strong demand, low inventory levels, comfortable YTS and increase in contribution from luxury sales has
supported the increase in average sales price. While the price grew by about 42% YoY in FY2023 in the NCR, which is highest among the top seven cities, it moderated
by about 3-4% in H1 FY2024.
▪ The average selling prices in the Noida market has seen the highest jump within the NCR region during the last four years due to the change in the product mix and
increased demand for luxury housing. This region contributed around 17-19% of total available supply in the NCR market between FY2020 and Q2 FY2024. The
Faridabad market, on the other hand, has seen the lowest jump during the period and it contributed only around 2-3% to the total supply in the NCR market.

Source: Propequity and ICRA Research s.sahu@adityabirlacapital.com 1/31/2024 10:24:05 AM

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Gurugram remains preferred market for new home buyers

Exhibit: Region-wise contribution to area sold (msf) Exhibit: Region-wise contribution to new launches (msf)

100% 100% 6% 6%
14% 12% 11% 9% 11% 12%
90% 90% 11% 15%
80% 18% 80% 16% 8%
24% 23% 0%
70% 30% 70% 17%
17% 46%
60% 12% 60% 19% 0%
20% 2% 1%
50% 17% 50% 5%
40% 3% 40%
2% 14% 73%
30% 30% 55%
49% 51% 0% 44%
20% 35% 37% 20%
30%
10% 3% 4% 3% 10% 5% 7%
3% 1%
0% 0% 0%
FY2021 FY2022 FY2023 H1FY2024 FY2021 FY2022 FY2023 H1FY2024

Delhi Gurugram Faridabad Noida Greater Noida Ghaziabad Delhi Gurugram Faridabad Noida Greater Noida Ghaziabad

▪ Gurugram has remained the preferred market for homebuyers, with a dominating share of more than half of the total area sold and new launches across the
NCR market. The demand here is driven by an increase in commercial space leading to higher residential demand and upcoming infrastructure developments
in the region, with improved connectivity with other regions of NCR.
▪ The Faridabad and Delhi markets have seen very few launches during the last 18 months. Gurugram, Noida and Greater Noida markets accounted for more
than 85% of the total launches during the last 18 months in the NCR.

Source; Propequity and ICRA Research, Absorption rate =s.sahu@adityabirlacapital.com

Sales/Available Supply 1/31/2024 10:24:05 AM
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Presence of multiple large developers

Exhibit: Top Developers – Value sold from Sept 2020-Sept 2023 (Rs crore) Exhibit: Top Developers – Price per sqft from Sept 2020-Sept 2023 (Rs)

21,000 20,206 18,000 17,015

16,000
18,000 16,537
14,000
15,000 12,120
11,601
12,000 10,931
12,000 10,000
7,532
9,000 8,000
6,900
6,164 6,000
5,546
6,000
4,000
3,000
2,000

0 0
DLF Limited M3M India Smartworld Signature Godrej DLF Limited Smartworld M3M India Godrej Signature
Developers Global Properties Developers Properties Global

▪ DLF Limited has major presence in the luxury segment as reflected in the highest price per sq ft in the NCR market followed by Smartworld Developers and
M3M India. Signature Global has a major presence in the affordability segment leading to lower price per sq ft when compared to other players in the market.

Source: ICRA Research and Propequity s.sahu@adityabirlacapital.com 1/31/2024 10:24:05 AM

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Rating Actions in ICRA’s Residential Real Estate Portfolio

s.sahu@adityabirlacapital.com 1/31/2024 10:24:05 AM

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Significant improvement in credit ratio in residential real estate sector

Exhibit: Trend in credit ratio for the sector

or

40 3
35
2.5
30
2
25
20 1.5
15
1
10
0.5
5
0 0
FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 10MFY2024

Upgrades (number) (LHS) Downgrades (number) (LHS) Credit Ratio (RHS)

▪ The credit ratio, which measures the ratio of upgrades to downgrades, showed a substantial improvement during FY2023. With improvement in credit profile of
entities, FY2023 saw no downgrades reported and seven entities were upgraded. In 10M FY2024, there were five upgrades and two downgrades, which were primarily
attributed to entity-specific concerns such as adverse actions from various Government agencies.
▪ The upgrades during the period factored in healthy growth in sales and collections and significant reduction in debt, resulting in improved leverage position, which is
expected to sustain going forward.
▪ The rating distribution is primarily skewed towards the BBB category with 56% of the total issuers rated in the residential real estate space, followed by 23% in the A
category and 5% in the AA category.

Source: ICRA Research s.sahu@adityabirlacapital.com 1/31/2024 10:24:05 AM

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Annexure A.1 – Delhi

Exhibit: Overview - Delhi Exhibit: Top-five developers by area from Sept 2020-Sept 2023

H1FY2024 FY2023 Developer Name Sales (in msf) % of total Sales (Rs Cr)

New Launches (MSF) 1.3 0.8 Unity Group 2.5 41% 4,223
Area sold (MSF) 1.2 1.9
DLF Limited 1.7 29% 4,007
Unsold Area (MSF)* 2.1 2.0
Risland 0.5 8% 887
Average price (Rs. per sq ft) 23,329 21,015 Godrej Properties 0.4 7% 1,193
Anantraj Group (TARC
Unsold inventory (Rs. crore)* 4,990 4,966 0.3 6% 663
Limited)

Exhibit: Quarterly trend in area sold, new launches and YTS

1.20 6.0
0.80 4.0
0.40 2.0
0.00 0.0
Q1FY2020

Q3FY2022
Q2FY2020

Q3FY2020

Q4FY2020

Q1FY2021

Q2FY2021

Q3FY2021

Q4FY2021

Q1FY2022

Q2FY2022

Q4FY2022

Q1FY2023

Q2FY2023

Q3FY2023

Q4FY2023

Q1FY2024

Q2FY2024
Area Sold (LHS) New Launches (LHS) YTS (RHS)

Source: ICRA Research and Propequity, * As on September 30, 2023 and March 31, 2023 for H1FY2024 and FY2023
s.sahu@adityabirlacapital.com respectively
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Annexure A.2 – Faridabad

Exhibit: Overview - Faridabad Exhibit: Top-five developers by area sold from Sept 2020 to Sept 2023

H1FY2024 FY2023 Developer Name Sales (in msf) % of total Sales (Rs Cr)

New Launches (MSF) 0.0 0.2 RPS Group 1.0 27% 444

Area sold (MSF) 0.4 1.2 Adore Real Tech 0.7 18% 167
1.1
Unsold Area (MSF)* 0.7 Puri Construction 0.3 8% 192

Average price (Rs. per sq ft) 4,179 4,594 Swatantra Land &
0.2 6% 95
Finance
Unsold inventory (Rs. crore)* 318 478 Eros Group 0.1 4% 113

Exhibit: Quarterly trend in area sold, new launches and YTS

6.0
1.00
4.0
0.50 2.0
0.00 0.0
Q1FY2020

Q3FY2022
Q2FY2020

Q3FY2020

Q4FY2020

Q1FY2021

Q2FY2021

Q3FY2021

Q4FY2021

Q1FY2022

Q2FY2022

Q4FY2022

Q1FY2023

Q2FY2023

Q3FY2023

Q4FY2023

Q1FY2024

Q2FY2024
Area Sold (LHS) New Launches (LHS) YTS (RHS)

Source: ICRA Research and Propequity, * As on September 30, 2023 and March 31, 2023 for H1FY2024 and FY2023
s.sahu@adityabirlacapital.com respectively
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Annexure A.3 – Gurugram

Exhibit: Overview - Gurugram Exhibit: Top-five developers by area sold from Sept 2020 to Sept 2023

H1FY2024 FY2023 Developer Name Sales (in msf) % of total Sales (Rs Cr)

New Launches (MSF) 9.4 46.7 M3M India 14.3 17% 16,537
Area sold (MSF) 17.9 36.8
DLF Limited 11.9 14% 20,206
Unsold Area (MSF)* 19.3 27.8
Signature Global 8.2 10% 6,164
Average price (Rs. per sq ft) 12,377 11,952 Smartworld Developers 5.7 7% 6,900
Unsold inventory (Rs. crore)* 22,845 32,610 SS Group 3.2 4% 2,299

Exhibit: Quarterly trend in area sold, new launches and YTS

3.0
20.00
2.0
10.00 1.0
0.00 0.0
Q1FY2020

Q2FY2020

Q3FY2020

Q4FY2020

Q1FY2021

Q2FY2021

Q3FY2021

Q4FY2021

Q1FY2022

Q2FY2022

Q3FY2022

Q4FY2022

Q1FY2023

Q2FY2023

Q3FY2023

Q4FY2023

Q1FY2024

Q2FY2024
Area Sold (LHS) New Launches (LHS) YTS (RHS)

Source: ICRA Research and Propequity, * As on September 30, 2023 and March 31, 2023 for H1FY2024 and FY2023
s.sahu@adityabirlacapital.com respectively
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Annexure A.4 – Noida

Exhibit: Overview - Noida Exhibit: Top-five developers by area sold from Sept 2020 to Sept 2023

Q1FY2024 FY2023 Developer Name Sales (in msf) % of total Sales (Rs Cr)

New Launches (MSF) 5.6 25.5 Godrej Properties 5.1 17% 5,546
Area sold (MSF) 6.6 24.3
ATS Infrastructure 4.0 13% 3,212
Unsold Area (MSF)* 30.1 31.1
ABA Corp 1.9 7% 1,809
Average price (Rs. per sq ft) 18,777 18,118 Mahagun 1.5 5% 1,554

Unsold inventory (Rs. crore)* 56,462 58,129 Tata Realty and

1.4 5% 922
Infrastructure

Exhibit: Quarterly trend in area sold, new launches and YTS

4.0
3.00
2.00 2.0
1.00
0.00 0.0
Q1FY2020

Q3FY2022
Q2FY2020

Q3FY2020

Q4FY2020

Q1FY2021

Q2FY2021

Q3FY2021

Q4FY2021

Q1FY2022

Q2FY2022

Q4FY2022

Q1FY2023

Q2FY2023

Q3FY2023

Q4FY2023

Q1FY2024

Q2FY2024
Area Sold (LHS) New Launches (LHS) YTS (RHS)

Source: ICRA Research and Propequity, * As on September 30, 2023 and March 31, 2023 for H1FY2024 and FY2023
s.sahu@adityabirlacapital.com respectively
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Annexure A.5 - Greater Noida

Exhibit: Overview - Greater Noida Exhibit: Top-five developers by area sold from Sept 2020 to Sept 2023

H1FY2024 FY2023 Developer Name Sales (in msf) % of total Sales (Rs Cr)
New Launches (MSF) 2.9 7.3
Amrapali Group 4.6 10% 1,830
Area sold (MSF) 6.4 17.3
Gaursons India 3.1 7% 2,020
Unsold Area (MSF)* 15.9 19.4
Rise Projects 2.8 6% 1,717
Average price (Rs. per sq ft) 5,462 5,170
ATS Infrastructure 2.2 5% 1,240
Unsold inventory (Rs. crore)* 8,849 9,767 Nirala Developers 2.2 5% 1,152

Exhibit: Quarterly trend in area sold, new launches and YTS

4.0
5.00
2.0
2.50
0.00 0.0
Q1FY2020

Q3FY2022
Q2FY2020

Q3FY2020

Q4FY2020

Q1FY2021

Q2FY2021

Q3FY2021

Q4FY2021

Q1FY2022

Q2FY2022

Q4FY2022

Q1FY2023

Q2FY2023

Q3FY2023

Q4FY2023

Q1FY2024

Q2FY2024
Area Sold (LHS) New Launches (LHS) YTS (RHS)

Source: ICRA Research and Propequity, * As on September 30, 2023 and March 31, 2023 for H1FY2024 and FY2023
s.sahu@adityabirlacapital.com respectively
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Annexure A.6 - Ghaziabad

Exhibit: Overview - Ghaziabad Exhibit: Top-five developers by area sold from Sept 2020 to Sept 2023

H1FY2024 FY2023 Developer Name Sales (in msf) % of total Sales (Rs Cr)

New Launches (MSF) 1.2 3.9 T and T Group 2.3 11% 1,331
Area sold (MSF) 3.2 8.3
Apex Group 1.8 9% 1,086
Unsold Area (MSF)* 10.5 12.5
Wave Infratech 1.7 8% 816
Average price (Rs. per sq ft) 5,577 4,855
ATS Infrastructure 0.9 4% 440
Unsold inventory (Rs. crore)* 5,300 6,071 Landcraft Developers 0.8 4% 241

Exhibit: Quarterly trend in area sold, new launches and YTS

2.00 6.0
4.0
1.00
2.0
0.00 0.0
Q1FY2020

Q3FY2022
Q2FY2020

Q3FY2020

Q4FY2020

Q1FY2021

Q2FY2021

Q3FY2021

Q4FY2021

Q1FY2022

Q2FY2022

Q4FY2022

Q1FY2023

Q2FY2023

Q3FY2023

Q4FY2023

Q1FY2024

Q2FY2024
Area Sold New Launches YTS

Source: ICRA Research and Propequity, * As on September 30, 2023 and March 31, 2023 for H1FY2024 and FY2023
s.sahu@adityabirlacapital.com respectively
1/31/2024 10:24:05 AM
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 Click to Provide Feedback

s.sahu@adityabirlacapital.com 1/31/2024 10:24:05 AM

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 Analytical Contact Details
Name Designation Email Contact Number

Rajeshwar Burla Senior Vice-President & Group Head rajeshwar.burla@icraindia.com 040 - 4547 4829

Anupama Reddy Vice-President & Co-Group Head anupama.reddy@icraindia.com 040 - 4547 4829

Neha Mittal Assistant Vice-President & Sector Head neha.mittal@icraindia.com 0124 - 4545 365

Yash Garg Analyst yash.garg@icraindia.com 0124 - 4545 337

s.sahu@adityabirlacapital.com 1/31/2024 10:24:05 AM

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 Business Development/Media Contact Details
Name Designation Email Contact Number

L Shivakumar Chief Business Officer shivakumar@icraindia.com 022-61693304

Neha Agarwal Head – Research Sales neha.agarwal@icraindia.com 022-61693338

Rohit Gupta Head Business Development - Infrastructure Sector rohitg@icraindia.com 0124-4545340

Vivek Bhalla Head Business Development - Financial Sector vivek.bhalla@icraindia.com 022-61693372

Vipin Saboo Head Business Development – Corporate Sector - West & East vipin.saboo@icraindia.com 022-61693348

Shivam Bhatia Head Business Development – Corporate Sector - North & South shivam.bhatia@icraindia.com 0124-4545803

Naznin Prodhani Head – Media & Communications communications@icraindia.com 0124-4545860

s.sahu@adityabirlacapital.com 1/31/2024 10:24:05 AM

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