Latin expression ‘Citius, Altius, Fortius’ means ‘Faster, Higher, Stronger’.In spite of two successive Covid waves in India in CY20 and CY21, listed developers have weathered the storm remarkably well and sector consolidation has accelerated along with balance sheet de-leveraging. In CY21, the clear winner was the residential segment with a combination of low mortgage rates, stable residential prices, strong salary/hiring growth in the IT/ITeS sector, and continued Work-from-Home driving demand.