Residential real estate developers across top cities in India expected to clock 8-10% sales growth in FY24: Crisil
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Crisil Ratings in its latest report has said residential real estate developers across top cities in India are expected to clock 8-10 per cent sales growth in current financial year (FY24) despite rise in interest rates and asset price. Buoyant residential demand across the mid, premium, and luxury segments had resulted in robust sales growth in the past two financial years.
It stated leverage and credit profiles of real estate developers had strengthened too, and should sustain over the medium term. It stated states sales by the 11 large and listed real estate developers rose 50 per cent year-on-year last fiscal in value terms.
According to it, large developers are poised to increase their market share to 30 per cent this fiscal year from 16-17 per cent in fiscal 2020. Aniket Dani, Director, of CRISIL Market Intelligence and Analytics, said healthy economic growth and offices continuing with the hybrid working model is keeping demand for residential real estate steady this fiscal, especially for bigger and premium residences.
