Q1 FY25 Quarterly Review — Election Quiet, Plotted Awakening
Q1 FY25 closes with a quiet election quarter, a post-verdict listed re-rate, and the early signals of a structural plotted renaissance in South Gurgaon.
Key findings
- Listed realty +12% in Q1 — election quiet but post-verdict bounce decisive.
- South Gurgaon plotted Sectors 84-95 Phase-I average 60% absorption in 90 days at launch.
- Mumbai BMC redevelopment approvals +31% YoY — Western Suburbs the densest pipeline.
- Bengaluru ORR pre-leased Grade-A cap-rates begin first signs of compression — 8.2% trending toward 8.0%.
- NRI cheque flow: about USD 780 mn in Q1, +24% YoY; UAE and Singapore lead.
- RBI status quo at 6.5% throughout Q1; rate-cut commentary turns dovish in June MPC.
Q1 Macro Frame
Election quiet, post-verdict capex re-rating, currency steady.
Gurgaon Q1 Corridor Audit
GCR, GCE, Dwarka Expressway, SPR, NH-48, South Gurgaon — pricing, absorption, infra.
NCR Beyond Gurgaon
Noida Expressway, Greater Noida West, Faridabad, Delhi L-zone Q1 read.
Pan-India Tier-1 plus Tier-2 Q1 Map
Mumbai, Bengaluru, Hyderabad, Pune, Chennai plus Tier-2 watchlist.
NRI Capital plus Tax-Planning Lens
Geography, destination cities, ticket-size distribution, Section 54 activity.
Q2 FY25 Convictions
Three structural trades, two tactical trades, one to avoid.
EstateVeda Verdict
Q1 FY25 confirms the plotted renaissance is structural, not seasonal. Q2 belongs to pre-leased Grade-A commercial cap-rate compression and Mumbai BMC-clear redevelopment OC-ready stock.