Q3 FY25 Quarterly Review — Festive Velocity, Mandate Cheques, Year-End Map
Q3 FY25 brought the strongest festive funnel since FY22, the first sub-7.5% commercial cap-rate print, and the year-end re-allocation impulse from HNI families.
Key findings
- Diwali fortnight pre-sales: top-10 developers +41% YoY — Gurgaon, Hyderabad, Bengaluru lead.
- DLF Privana South Diwali launch sold out at Rs 50,000-55,000 psf — new luxury baseline.
- Pre-leased Grade-A Hyderabad cap-rate touches 7.8% — first sub-8.0% print on record.
- Mumbai South-Central Diwali ticket-size median crosses Rs 15cr — Worli-Lower Parel re-rating sustained.
- Plotted Sectors 84-114 Phase-II/III: 78% absorption in 60 days at launches.
- NRI cheque flow into Indian RE: about USD 1.1 bn in Q3, +52% YoY.
Q3 Macro Frame
Rate cycle, capex visibility, currency, and festive demand reality.
Festive Launch Audit
Which launches sold to mandate buyers, which to retail noise.
Plotted Phase-II/III Map
Sectors 84-114 — pricing, absorption, infra, exit math.
Commercial Cap-Rate Compression
Hyderabad, Bengaluru, Pune — institutional acquirer trajectory.
NRI Q3 Cheque-Flow
UAE, Singapore, US, UK cohort behaviour and ticket evolution.
Q4 FY25 Convictions
Three pre-Budget plays worth writing in January.
EstateVeda Verdict
Q3 FY25 plotted trade is fully priced for first-cheque writers — rotate to ready-to-move OC-clear premium and pre-leased Grade-A commercial.