Investor Presentaiton

Supply side consolidating - unlikely to keep pace with accelerating demand Consolidation wave due to policy reforms and liquidity crisis... 60% Developers count >50% Incremental supply from branded developers ...has led to market share gains for listed developers 3x 17% Remaining Tier - 2 & 3 players develop: ✓ Small-sized projects (< INR 5bn) ✓ One at a time ✓ Take longer (5-7 years) to complete Multiple forces leading to consolidation ✓ 6% FY17 FY22 Regulatory push: RERA, Demonetization, GST, Amendment to Benami Act. Housing sales in top cities to reach 1mn by 2030 ~1mn ✓ Funding squeeze for Tier - 2 & 3 developers: ■NBFC's exiting market after large losses wholesale lending bubble popped after IL&FS implosion ■Inability to sell during construction ✓ Consumer loss of confidence with Tier - 2 & 3 developers: ~15% CAGR ~360K ~300K ■ Having burnt their lifetime savings ■Failure to deliver or untimely delivery with poor quality CY21 CY22 CY30 LODHA Source: Anarock BUILDING A BETTER LIFE 49

View entire presentation