The area sold across seven cities is expected to witness marginal growth of 0-3% in FY2027 to 635-655 msf; the ongoing conflict in West Asia and its impact on macroeconomic conditions pose downside risks to these estimates. Years-to-sell (YTS) is likely to remain comfortable at around 1.4-1.6 years as of March 2027. Launches across top seven cities declined marginally by 3% YoY during 9M FY2026 due to delayed approvals and are estimated to contract by 1-4% to 645-665 msf in FY2026. ICRA projects the launches to recover with 4-7% growth in FY2027, supported by spillover launches, comfortable unsold inventory levels, smoothening of the e-khata process in Bengaluru, and easing regulatory approvals following the Supreme Court ruling in MMR and Pune.

Exhibit : Trend in annual sales and launches in top seven cities

Source: Prop Equity and ICRA Research; Est. – Estimates; Proj - Projected Top seven cities: Bengaluru, Chennai, Hyderabad, Kolkata, MMR, NCR and Pune