• RBI rate impact: A single rate hike is unlikely to affect demand immediately; any impact would emerge with a sustained hawkish stance over the next 2–3 MPC meetings. The EMI increase is expected to be marginal, and management sees no need for developer loan restructuring.
• Water restrictions: Maharashtra’s 10% water cut has not affected construction, which relies mainly on commercially sourced water. Any increase in water costs would be marginal and not material.
• Pre-sales guidance: Raymond Realty achieved 44% of its FY27 pre-sales target in H1, but guidance remains for minimum growth of 20%; management hopes to do better, without offering a higher forecast.
• Launch pipeline: Two Mahim projects are planned for H2, with a combined projected value of approximately ₹4,100–4,200 crore. Parel and Kandivali projects are expected to launch around H2 of the next financial year; growth is expected to be spread across projects rather than depend on one.
• Demand and collections: Management described demand, pricing and volumes as steady, with strong user-driven demand. H1 pre-sales almost doubled and collections grew almost 57%; a brief impact in May after the war broke out lasted only 2–3 weeks.