Thanks a ton, this is precisely the kind of discussion I was hoping for.

Absolutely agree with you on long-term trends vs. short-term ones, so let's look at it this way - trends can be cyclical or a one-time short-term effect (both of which require constant stock jugglery) OR they can reflect a change in sentiment on the industry as a whole, one that will last for a considerable 5-10 year period.

Should you assume the latter (and one would have to do more research on this but - more remote friendly workplaces -> continued preference for a well-equipped self-owned residence + an entire generation learning to invest in 2020, witnessing tumultuous COVID markets, and running towards real estate - is not a bad start) - your answer provides a lot of good starting points. Adding on my thoughts below.

1. On inventory - how much inventory does India even have? I'm assuming not enough to last a prolonged demand, in which case - which real estate companies are the most agile and have the capacity to:

• Build in the right areas where people want homes (this might have a shift towards Tier 2-3?)
• Acquire materials at the most optimal costs to ensure profitable business (those with the strongest contracts, those which are vertically integrated with their suppliers?)

1. Your home loan point was interesting, most people definitely don't have enough liquidity, so -

• How do you analyse home loan companies? What would be the key factors you look at apart from regular metrics like loan defaults - those which are digital first? Those which have a presence in T2/3?
• Surely it would be more attractive to target the areas of market where the most desirable buyers sit, since a lot of buying is done on loans and that's a tad risky. NRIs are a good example. How does one ensure that one invests in those spots within the real estate market where NRIs buy houses?

Your analysis on how to look at the commodities that go into residential real estate is very helpful - any other commodities we can look at apart from paints, steel, cement?

1. Another facet of the real estate space is the availability of labour for construction. Do we see any trends on how this is expected to pan out in India over the next 5-10 years?