India's residential real estate sales projected to grow 8-10 per cent in 2023-24: Crisil Ratings

New Delhi [India], June 21 : Residential real estate developers across top cities in India are expected to clock 8-10 per cent sales growth this 2023-24 fiscal despite rise in interest rates and asset price, said Crisil Ratings in a report.

Buoyant residential demand across the mid, premium, and luxury segments had resulted in robust sales growth in the past two financial years.

"Leverage and credit profiles of real estate developers had strengthened too, and should sustain over the medium term," the rating agency said Wednesday.

The report states sales by the 11 large and listed real estate developers rose 50 per cent year-on-year last fiscal in value terms.

"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," said Aniket Dani, Director, of CRISIL Market Intelligence and Analytics.

According to Crisil Ratings, large developers are poised to increase their market share to 30 per cent this fiscal year from 16-17 per cent in fiscal 2020.