Residential real estate sales are expected to grow by 8-10% in FY24: CRISIL study
- IBEF
- June 22, 2023
According to a report by rating agency CRISIL, the residential real estate market in India's top six cities-Mumbai, Delhi NCR, Bengaluru, Pune, Kolkata, and Hyderabad, is predicted to witness a growth of 8-10% this fiscal year.
The report stated that strong sales growth in the last two fiscal years was driven by buoyant residential demand across all market categories.
The study included 76 small- and mid-sized residential developers and 11 large and listed residential developers, who accounted for 35% of residential sales in the nation. Furthermore, sales by those 11 large developers surged by 50% in value over the prior fiscal year, while the area sold increased by 20%.
As per Mr. Aniket Dani, Director, CRISIL Market Intelligence and Analytics, in FY24, the demand for residential real estate has remained steady, notably for bigger and premium residences, all because of the strong economic growth and offices continuing to use a hybrid working style. Despite an increase in interest rates and capital values, this demand is anticipated to remain stable at 8-10%.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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