Listed property developers expect better days after first quarter

After a “washout” in the June quarter, property developers expect a pickup in residential sales from July-September, like last financial year.

In FY21, home sales picked up after Q1 because states such as Maharashtra announced stamp duty cuts and banks offered special interest rates.

This, coupled with affordability and pent-up demand, pushed up residential sales in the nine remaining months of FY21. Since April this year, many states have announced lockdowns, which have caused a lull in residential sales.

Godrej Properties (GPL) Chairman Pirojsha Godrej expects a muted first quarter in FY22. “We expect to see a significant impact in the first quarter