ICRA expects 15 percent growth in 2023-24
ICRA predicts a surge in new launches in the residential housing segment in seven major cities across the country in fiscal 2023–24, registering a compound annual growth of 15 percent. A total of 680 million square feet of new projects will be launched, which is the highest in a decade. At the same time, inventory will be a decade low, resulting in good demand for homes. While the inventory was 946 million square feet in March 2022, it had come down to 910 million square feet by June 2023. It has been revealed that 131 million square feet of launches have taken place in the first quarter of the financial year 2024. It said it is roughly equivalent to the first quarter of fiscal 2023. It also expects sales to grow by 8 to 9 percent to 650 million square feet in fiscal 2024. This is more than last financial year.
