Top home developers could see strong growth in FY24 | Jobs Recent

Major estate agents are expected to post double-digit growth in the next financial year, driven by strong sales momentum and buyers’ desire for larger homes, as the hybrid operating model continues.

Residential realtors such as Godrej Properties, Prestige Estates, Puravankara, Shriram Properties and Tata Realty are expected to post 25% growth in sales in FY23 and 10-15% on a high base in FY24.

This is despite moderate affordability due to rising interest rates, according to a Crisil Ratings study of 11 large listed residential real estate investors.

Top domestic developers could see strong growth in FY24

“Large developers generally have a good track record of on-time and quality delivery and are therefore preferred by clients. Large estate agents are likely to account for 40-45% of new launches this financial year, compared to less than 30% before the pandemic, increasing their market share share,” said Gautam Shahi, director, Crisil Ratings.

Residential property performance surpassed pre-pandemic levels and hit a new high in the July-September quarter as demand continued to pick up despite rising interest rates.

The builders covered by the rating agency reported sales of ₹ 31,000 crore in the first half of this fiscal, which is equal to their total revenue in fiscal 2020. The total is expected to touch ₹ 65,000 crore for this fiscal , up 110% from pre-pandemic levels.

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