Demand to remain steady, amid affordability challenge
Key messages
Industry dynamics
After strong momentum over the past two fiscals, demand growth is expected to slow to 4-6% on-year in fiscal 2024. However, the industry is structurally stronger than pre-pandemic
While developers have outlined project launches over the medium term on the back of favourable unsold inventory level, the launches will be aligned with incremental demand. This will limit further reduction in the unsold inventory level
Capital value increase is likely to range 3-5% on-year amid high interest rate and moderation in demand
Credit profile
After strong momentum over the past two fiscals, demand growth is expected to slow to 4-6% on-year in fiscal 2024. However, the industry is structurally stronger than pre-pandemic
Consolidation
Consolidation momentum will continue to favour large players; supportive demand and funding environment will provide further tailwinds to large developers
Analytica