India Residential Real Estate Market FY2027

1. FY2017 – FY2027 INDIA RESIDENTIAL REAL ESTATE MARKET FORECAST & OPPORTUNITIES www.techsciresearch.com MARKET INTELLIGENCE . CONSULTING

2. Scope of Report Product of Interest (POI): Residential Real Estate Residential real estate consists of housing for individuals, families, or groups of people. This is the most common type of estate and is the asset class. ... Within residential, there are single-family homes, apartments, condominiums, townhouses, and other types of living arrangements. Market Segmentation TYPE REGION Year Range New Construction • North • Resale • East • Review Period West • South FY2017 – FY2020 • CATEGORY Base Year Flats & Apartments • MODE FY2021 Individual Houses or • Online • Private Dwellings Ofline • Estimated Year Condominium • FY2022 Townhouses • Others • Forecast Period FY2023 – FY2027 2 © TechSci Research

3. Table of Contents S. No. Contents Page No. 1. Product Overview (Definition of product and major terminologies used in the report) Research Methodology Raw data backup, list of all secondary sources, List of respondents for primary surveys) (Detailed description of the methodology used to conduct the research, 2. 3. Impact of COVID-19 on India Residential Real Estate Market 4. Executive Summary (This chapter covers summary of the complete study.) 5. Voice of Customers India Residential Real Estate Market Outlook, FY2017-FY2027F (This chapter includes a brief overview of the product of interest market such as total market’s growth rate, expected growth rate, key growth levers, leading region, top grossing product types, etc. It includes more of a qualitative information about the market.) 6. Market Size & Forecast (This chapter would include the market size i.e., the revenue generated from the India residential real estate market in one year. In this case, the market size will be provided in value terms for historic period (FY2017-FY2020); current/base year (FY2021); estimated year (FY2022E); and forecast (FY2023-FY2027)) 6.1. 6.1.1. By Value Market Share & Forecast (The overall product of interest bifurcated/split among various segments. ) 6.2. 6.2.1. By Type (New Construction, and Resale) By Category (Flats & Apartments, Individual Houses or Private Dwellings, Condominium, Townhouses, and Others) 6.2.2. 6.2.3. By Mode (Online & Offline) 6.2.4. By Region 6.2.5. By Top 10 States 6.2.6. By Company (2020) 6.3. Product Market Map 3 © TechSci Research

4. Table of Contents S. No. Contents Page No. 7. India New Construction Residential Real Estate Market Outlook Market Size & Forecast 7.1. 7.1.1. By Value 7.2. Market Share & Forecast 7.2.1 By Category 7.2.2. By Mode 7.2.3. By Region 8. India Resale Residential Real Estate Market Outlook Market Size & Forecast 8.1. 8.1.1. By Value 8.2. Market Share & Forecast 8.2.1 By Category 8.2.2. By Mode 8.2.3. By Region 9. Market Dynamics Drivers 9.1. 9.2. Challenges 10. Market Trends and Developments 11. Policy & Regulatory Landscape 12. Supply Chain Analysis 13. Competitive Landscape 4 © TechSci Research

5. Table of Contents S. No. Contents Page No. 13.1. Competition Outlook 13.2. Company Profiles 13.2.1. Company Details 13.2.2. Product Types & Services 13.2.3. Financials (As Reported) 13.2.4. Key Market Focus & Geographical Presence 13.2.5. Recent Developments 13.2.6. Key Management Personnel 14. Strategic Recommendations 15. About us & Disclaimer 5 © TechSci Research

6. RESEARCH RESEARCH METHODOLOGY METHODOLOGY

7. Research Methodology Market Profiling Data Analysis Data Data Developing List of Respondents Formulating Questionnaire Collection Validation In-depth secondary research was conducted to determine top players in India residential real estate market, overall market size and segmental market size. The data was scrutinized using MS-Excel, statistical tools and internal proprietary database to obtain qualitative and quantitative insights about India residential real estate market. Data obtained as a result of primary and secondary research was validated through rigorous triangulation. TechSci conducted interviews with industry experts and industry players for data collection and verification. In order to conduct industry experts’ interviews, TechSci formulated a detailed discussion guide. List of industry players and industry specialists was developed. Primary Research Desk Research Company Analysis ✓ ✓ Recent Developments Market Changing Aspects/Dynamics Government Policies Conclusion ✓ ✓ Market Participants Key Strengths ✓ Identifying Key Opinion Leaders Questionnaire Design In-depth Interviews Actionable Insights Data Filter & Analysis Business Solution Research & Intelligence Data Collection ✓ ✓ ✓ ✓ Primary Research Secondary Research Paid Sources LinkedIn TechSci Internal Database Company Websites Company Annual Reports White Paper Study Financial Reports Investor Presentations Regulatory Body Associations, etc. Factiva Hoovers ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ 7

8. Research Methodology Baseline Methodology Our dedicated team of industry experts has monitored and analyzed various aspects of India residential real estate market. The team has analyzed the outlook of various segments of this market, while considering the major influencing factors such as residential real estate. The study includes market forecasting, which would enable our clients to take better decisions while planning their strategy to achieve sustainability in India residential real estate market. Methodology Followed for Calculation of Market Size: Market Size by Value: Market size, in terms of value, for the year FY2021 was calculated based on information collected through exhaustive • secondary research and primary surveys, with various key opinion leaders/stakeholders, such as residential real estate companies, channel partners, end-user industry experts, and other industry participants. The team interviewed more than 15-20 residential real estate market companies, 100 – 120 end use industries, and 15 – 20 industry experts • and other value chain stakeholders in India residential real estate market to obtain the overall market size for FY2017-FY2021, which was validated by the Delphi technique. Taking standard deviation into consideration, the market size was averaged out, to arrive at the market size data for FY2017-FY2021. 8

9. Research Methodology Respondents were asked about the current and future market growth rates, market shares by type, by category, by mode, by region and by • company. Removing the outlier responses, the geometric mean of growth estimates and provider wise revenue shares generated across various segments were considered, to arrive at the final revenue shares. Revenue shares generated across various segments were further triangulated from other stakeholders. Methodology Followed for Calculation of Market Shares: Market shares by type, by category, by mode, by region and by company were calculated based on the responses received through primary • surveys with industry experts, in which the respondents were asked about the market shares or revenue generated from various segments of residential real estate market. The final shares were calculated by taking the geometric mean of the responses gathered from key opinion leaders after eliminating the outliers. Methodology Followed for Forecasting: TechSci Research performed periodical checks on data collected through the surveys with logic checks and analyzed the survey results in • SPSS/Tableau Software. Data triangulation techniques were applied to fill the gaps and to present a more meaningful picture of the market. To forecast India • residential real estate market, TechSci Research used various forecast techniques such as: Moving Average ✓ Time Series Analysis ✓ Regression Analysis ✓ Econometric and Judgmental Analysis ✓ 9

10. Research Methodology TechSci Research used its own forecast tool, which is based on the growth of various allied industries in respective regions. TechSci Research also used the impact analysis during short, medium and long- term period to estimate and analyse market demand scenario. It should be noted that the figures compiled are only for the organized market including market share data. Partial List of Companies Interviewed Key Secondary Sources ▪ Sunteck Realty Ltd. ▪ World Bank ▪ Omaxe Ltd. ▪ TechSci Research Proprietary Database & Knowledge ▪ Godrej Properties Ltd. Repository ▪ Phoenix Mills Ltd. ▪ Company Annual Reports ▪ Oberoi Realty Ltd. ▪ Industry Magazines ▪ Brigade Enterprises Ltd. ▪ Industry Reports ▪ NBCC India Ltd. ▪ News Dailies ▪ Prestige Estates Projects Ltd. ▪ Credible Paid Databases ▪ Indiabulls Real Estate Ltd. ▪ DLF Ltd. 10 © TechSci Research

11. Industry Brief According to TechSci Research report, “India Residential Real Estate Market By Type (New Construction, and Resale) By Category (Flats & Apartments, Individual Houses or Private Dwellings, Condominium, Townhouses, and Others) By Mode (Online & Offline), By Region, Company Forecast & Opportunities, FY2027”, The India residential real estate market is expected to witness steady growth in the forecast period. Rise in the globalization across the world and the preference shift of consumers for the adoption of improved living standards is expected to influence the residential real estate market growth. An increase in the number of well-informed consumers and the rise in the number of upcoming construction projects is expected to fuel the market growth. An increase in the digitalization process across the country to increase transparency and speed up the process is expected to foster the residential real estate market growth. The high urbanization growth rate and the growth in employment opportunities are accelerating the sales of the residential real estate market. Development of the urban cities and the growth of the IT sector are attracting a large population to seek affordable houses in the urban cities. Growing industrialization to cater to the needs of the growing population is enabling the consumers to afford residential spaces. Development of the construction industry and the sale and buy of residential homes through the online platforms with the offering of discounts and offers for online payment is expected to foster the growth of the residential real estate market. Due to the ongoing pandemic COVID-19, the lockdown was imposed all over the country. A complete shutdown was observed, and people started practicing social distancing and started following the precautionary guidelines. Imposition of strict regulations and policies by leading authorities, the business had to suffer huge losses. People stopped spending on non-essential things which adversely affected the demand of the residential real estate market. The adoption of online channels for online payments and purchase property through the online sector to avoid getting infected with the coronavirus is expected to boost the growth of the residential real estate market in the next five years. India residential real estate market is segmented into type, category, mode, regional distribution, and company. Based on the type, the market can be bifurcated into new construction and resale. The new construction segment is expected to witness growth in the forecast period, 2022-2026. Upcoming construction projects and the financial support provided by the institutions and the market players are expected to foster market growth. Based on the category, the market can be divided into flats & apartments, individual houses or private dwellings, condominium, townhouses, and others. The flats & apartments segment is expected to dominate the market in the next five years due to the presence of a large number of affordable flats and apartments in well-developed societies. The offering of other basic amenities such as security, electricity, and other maintenance activities by the builders is influencing the consumers to invest more in the flats and apartments. Sunteck Realty Ltd., Omaxe Ltd., Godrej Properties Ltd., Phoenix Mills Ltd., Oberoi Realty Ltd., Brigade Enterprises Ltd., NBCC India Ltd., Prestige Estates Projects Ltd., Indiabulls Real Estate Ltd., DLF Ltd. are the leading players operating in India residential real estate market. Manufacturers and service providers are increasingly focusing on research and development process to fuel higher growth in the market. To meet evolving customer demand with respect to better efficiency and durability, several residential real estate manufacturers and service providers are coming up with their technologically advanced offerings. “The government of India has launched several initiatives such as Atmanirbhar Bharat 3.0 and has allocated the Affordable Housing Fund to making housing schemes available and affordable for every citizen of the country. Developers are increasing the transparency in their systems to attract foreign investments to ensure the development of the residential sector. The upcoming project of the development of the 100 Smart cities for the up gradation of the urban infrastructure in India is expected to propel the demand of residential real estate market till FY2027” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm. 11 © TechSci Research

12. Sample Data - Snapshot India Residential Real Estate Market Size, By Value (USD Million), FY2017-FY2027F 15.00 14.00 13.00 12.00 11.00 10.00 9.00 8.00 7.00 6.00 5.00 CAGR By Value XX% CAGR By Value YY% FY2017 FY2021 FY2022E FY2027F India Residential Real Estate Market Size, By Type, By Value, FY2017-FY2027F India New Construction Residential Real Estate Market Size, By Mode, By Value, FY2017-FY2027F 50% 50% 50% 50% 50% 50% 50% 50% 50% 50%50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50%50% New Constru ction Online 50% 50% 50% 50% 50% 50% 50% 50% 50% 50%50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50%50% Resale Offline India New Construction Residential Real Estate Market Size, By Category, By Value, FY2017-FY2027F Flats & Apartments Individual Houses or Private Dwellings Condominium Townhouses Others 20% 20% 20% 20% 20% FY2027F 20% 20% 20% 20% 20% FY2026F 20% 20% 20% 20% 20% FY2025F 20% 20% 20% 20% 20% FY2024F 20% 20% 20% 20% 20% FY2023F 20% 20% 20% 20% 20% FY2022E 20% 20% 20% 20% 20% FY2021 20% 20% 20% 20% 20% FY2020 20% 20% 20% 20% 20% FY2019 20% 20% 20% 20% 20% FY2018 20% 20% 20% 20% 20% FY2017 12 © TechSci Research

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