1、Asia Pacific Equity Research11 July 2025J P M O R G A NIndia Real EstateHarsh Wardhan Modi AC(65)6882-J.P.Morgan Securities Singapore Private Limited/J.P.Morgan Securities(Asia Pacific)Limited/J.P.Morgan Broking(Hong Kong)LimitedAshish Mendhekar(91-22)6157-J.P.Morgan India Private Limited,J.P.Morgan

2、 Tower,Santacruz(E),Mumbai-400098,SEBI Registration:INH000001873,(91-22)6157-3000.Pranuj Shah,CFA(91-22)6157-J.P.Morgan India Private Limited,J.P.Morgan Tower,Santacruz(E),Mumbai-400098,SEBI Registration:INH000001873,(91-22)6157-3000.Asia Real EstateKarl Chan(852)2800-J.P.Morgan Securities(Asia Paci

3、fic)Limited/J.P.Morgan Broking(Hong Kong)LimitedMervin Song,CFA(65)6882-J.P.Morgan Securities Singapore Private Limited/J.P.Morgan Securities(Asia Pacific)Limited/J.P.Morgan Broking(Hong Kong)LimitedWe expect pre-sales,cash collections and details on launch pipelines to be key stock drivers for deve

4、lopers going into 1Q numbers.Pre-results updates,so far,are signaling continued strength in pre-sales and business development.We favor companies with strong cash positions,margin resilience and robust pre-sales momentum.DLF and Oberoi best fit these criteria.Both companies had strong launches durin

5、g the Q and have a good pipeline for the next 6-12M.A key risk for the sector is commentary or numbers suggesting a meaningful disconnect between pre-sales and cash collections.In the office sector,we favor EOP,where occupancy levels are improving.Further,demand for Grade A assets remains strong(Fig

6、 35),while the rate cycle is favorable,helping distribution growth at the company.Pre-sales are holding up well:Provisional 1Q numbers at Lodha and mid-quarter releases at DLF and Oberoi(post launches)suggest steady demand,at least among tier 1 developers.Market share gains are consistent(Fig 9),des