{"id":7619,"date":"2025-09-12T07:46:14","date_gmt":"2025-09-12T07:46:14","guid":{"rendered":"https:\/\/housiey.com\/blogs\/?p=7619"},"modified":"2026-07-30T11:44:47","modified_gmt":"2026-07-30T11:44:47","slug":"housing-sales-likely-to-dip-in-fy2026-as-affordability-concerns-mount-says-icra","status":"publish","type":"post","link":"https:\/\/housiey.com\/blogs\/housing-sales-likely-to-dip-in-fy2026-as-affordability-concerns-mount-says-icra","title":{"rendered":"Housing Sales Likely to Dip in FY2026 as Affordability Concerns Mount, Says ICRA"},"content":{"rendered":"<p>India\u2019s housing market is bracing for a mild slowdown in FY2026, with sales expected to decline by up to 3% across the top seven cities, according to credit rating agency ICRA. Rising property prices, coupled with affordability pressures, are seen as the key reasons behind this moderation.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_76 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/housiey.com\/blogs\/housing-sales-likely-to-dip-in-fy2026-as-affordability-concerns-mount-says-icra\/#Housing_Prices_Continue_to_Climb\" >Housing Prices Continue to Climb<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/housiey.com\/blogs\/housing-sales-likely-to-dip-in-fy2026-as-affordability-concerns-mount-says-icra\/#Sales_Growth_Slows_After_Strong_Run\" >Sales Growth Slows After Strong Run<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/housiey.com\/blogs\/housing-sales-likely-to-dip-in-fy2026-as-affordability-concerns-mount-says-icra\/#Launches_Expected_to_Pick_Up_in_FY2026\" >Launches Expected to Pick Up in FY2026<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/housiey.com\/blogs\/housing-sales-likely-to-dip-in-fy2026-as-affordability-concerns-mount-says-icra\/#Luxury_Housing_Defies_the_Slowdown\" >Luxury Housing Defies the Slowdown<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/housiey.com\/blogs\/housing-sales-likely-to-dip-in-fy2026-as-affordability-concerns-mount-says-icra\/#Industry_Consolidation_Gains_Momentum\" >Industry Consolidation Gains Momentum<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/housiey.com\/blogs\/housing-sales-likely-to-dip-in-fy2026-as-affordability-concerns-mount-says-icra\/#Outlook_Stable_Despite_Headwinds\" >Outlook: Stable Despite Headwinds<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Housing_Prices_Continue_to_Climb\"><\/span><strong>Housing Prices Continue to Climb<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Between FY2023 and FY2025, housing prices surged by over 10% annually, putting pressure on buyers. In FY2025 alone, the average selling price (ASP) rose 16%, and ICRA projects another 6\u20138% increase in FY2026. This sustained rise in costs is likely to weigh on demand, particularly in the affordable and mid-income categories.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Sales_Growth_Slows_After_Strong_Run\"><\/span><strong>Sales Growth Slows After Strong Run<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>After recording robust sales growth with a 26% CAGR between FY2022 and FY2024, the sector cooled in FY2025. The total area sold declined by 8% to 643 million sq ft, impacted by fewer new launches and slowing sales velocity in the lower-priced segments. ICRA expects sales in FY2026 to fall further, reaching 620\u2013640 million sq ft, a dip of 0\u20133%.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Launches_Expected_to_Pick_Up_in_FY2026\"><\/span><strong>Launches Expected to Pick Up in FY2026<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Despite the slowdown, ICRA foresees new housing launches rebounding by 4\u20137% in FY2026, reaching 630\u2013650 million sq ft. Developers have been calibrating supply, ensuring that unsold inventory remains at comfortable levels. As a result, the years-to-sell (YTS) metric is projected to stay healthy at 1.0\u20131.1 times by March 2026.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Luxury_Housing_Defies_the_Slowdown\"><\/span><strong>Luxury Housing Defies the Slowdown<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>While affordable and mid-income housing segments saw double-digit declines in FY2025, luxury real estate bucked the trend:<\/p>\n<ul>\n<li>Luxury sales grew by 6% in FY2025.<\/li>\n<li>Its share of total sales climbed from 30% in FY2024 to 34% in Q1 FY2026.<\/li>\n<\/ul>\n<p>Factors like limited inventory, stronger pricing power of top developers, and sustained demand from affluent buyers continue to support this segment.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Industry_Consolidation_Gains_Momentum\"><\/span><strong>Industry Consolidation Gains Momentum<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The sector is undergoing a structural shift, driven by reforms such as RERA and GST, which have tightened compliance and penalized weaker players. Buyers are increasingly gravitating towards reputed developers:<\/p>\n<ul>\n<li>The share of listed developers in total sales value jumped from 13.1% in FY2020 to around 20% in FY2025.<\/li>\n<li>Consolidation is expected to continue, with stronger players gaining market share.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Outlook_Stable_Despite_Headwinds\"><\/span><strong>Outlook: Stable Despite Headwinds<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>ICRA notes that large, established developers are in a strong financial position, having deleveraged significantly over the past 2\u20133 years. Although debt may rise moderately in FY2026 to fund construction, steady collections and strong project execution are expected to keep leverage at manageable levels.<\/p>\n<p>Overall, the outlook for India\u2019s residential real estate sector remains stable, with luxury housing continuing to be the bright spot in an otherwise cooling market.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>India\u2019s housing market is bracing for a mild slowdown in FY2026, with sales expected to decline by up to&hellip;<\/p>\n","protected":false},"author":5,"featured_media":7621,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[70],"tags":[3186,3184,3187,3185,271],"class_list":["post-7619","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-news","tag-housing-affordability-india","tag-housing-sales-in-india-2026","tag-icra-report-on-real-estate","tag-property-market-trends","tag-real-estate-news"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.4 (Yoast SEO v26.2) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Housing Sales Likely to Dip in FY2026 as Affordability Concerns Mount, Says ICRA<\/title>\n<meta name=\"description\" content=\"ICRA projects a 0\u20133% dip in housing sales for FY2026 as affordability worsens, but luxury housing thrives with rising demand and growing developer dominance.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/housiey.com\/blogs\/housing-sales-likely-to-dip-in-fy2026-as-affordability-concerns-mount-says-icra\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Housing Sales Likely to Dip in FY2026 as Affordability Concerns Mount, Says ICRA\" \/>\n<meta property=\"og:description\" content=\"ICRA projects a 0\u20133% dip in housing sales for FY2026 as affordability worsens, but luxury housing thrives with rising demand and growing developer dominance.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/housiey.com\/blogs\/housing-sales-likely-to-dip-in-fy2026-as-affordability-concerns-mount-says-icra\" \/>\n<meta property=\"og:site_name\" content=\"Blogs\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/share\/16e5bbCuix\/\" \/>\n<meta property=\"article:published_time\" content=\"2025-09-12T07:46:14+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-07-30T11:44:47+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/housiey.com\/blogs\/wp-content\/uploads\/2025\/09\/Housing-Sales-Likely-to-Dip-in-FY2026-as-Affordability-Concerns-Mount-Says-ICRA.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1035\" \/>\n\t<meta property=\"og:image:height\" content=\"776\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"L. 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