₹27400 crore between March 2020 to June 2021, According to ICICI Securities. This has been achieved through a combination of reduction in cost of debt by 80-160 basis points (bps), reduction in corporate overheads by 20-40% from pre-covid levels, operating cash surpluses, asset sales and equity capital raises either through the QIP route or through dilution at the special purpose vehicle (SPV) level, Adhidev Chattopadhyay, analyst, ICICI Securities said. “While the overall real estate sector in India, especially the unlisted space, continues to grapple with high cost and quantum of debt, listed developers’ balance sheets have become leaner and puts them in a strong position to invest for growth in the medium term and is likely to