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preparing the ground for a long-awaited revival. In addition, government’s capex push to
crowd-in private investment and financial sector clean-up will further support growth. As
such the projection for real GDP growth is estimated at 9.5 per cent in 2021-22 (RBI). As the
economy recovers, the growth of housing segment also improves. It is evidenced from the
consistent increase in housing loan disbursements by banks and housing finance companies
since June 2021 (NHB). The key demand drivers such as low home loan rates and income
tax sops, particularly for affordable housing that supported the recovery in H2FY21, remain
in place and will spur recovery again. The reinstatement of stamp duty measures in many
states, along with focus on right pricing and inventory liquidation by developers, will lead
to quicker recovery. According to India Ratings and Research (Ind-Ra), the India reals estate
sector may stage a share K-shaped recovery in FY 22, with the overall sales in FY22 will be
approximately 14 per cent.

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