What progress and transformation do you see in the industry as a whole, given that it's been a roller-coaster ride with a wave of reforms over the last few years alongside Covid related disruptions in the last 2 years?
There’s definitely been a shift. The share of sales from organized developers increased to 40% in FY21 from 17% in FY17. Reforms like RERA and GST has helped in according industry status to otherwise fragmented and unorganised real estate sector. The implementation has led to rapid organization and consolidation of the sector. Well managed developers who are the organized players have become stronger and stand to gain a greater market share especially since Covid has accelerated the consolidation process. The industry dynamics stand to benefit organized large players and the government’s focus on infrastructure coupled with favourable policies are signs of progress. Huge FDI inflow and lower home loan rates coupled with lower regulatory charges in form of stamp duty have certainly been a stimulus.