India’s Residential Sales to Dip Slightly in FY26

15 Sep 2025 CW Team

Residential sales in India’s seven major cities are projected to decline by up to 3 per cent year-on-year in FY26 to 620–640 million square feet (msf), amid a moderation in sales velocity, according to ratings agency Icra.

In FY25, sales stood at 643 msf, down 8 per cent YoY, following a sharp contraction in new launches and moderated demand in the affordable and mid-income segments. This slowdown came after the sector posted a robust compound annual growth rate of 26 per cent in area sales between FY22 and FY24.

Icra noted: “Having seen a strong upcycle, the sector entered an equilibrium phase in FY25, which is expected to continue into FY26.”

Affordability remains under pressure, with average selling prices (ASPs) rising over 10 per cent annually between FY23 and FY25. ASPs are expected to increase a further 6–8 per cent in FY26, driven by higher luxury sales, limited inventory, and increased pricing power among large listed developers. The years-to-sell (YTS) ratio is estimated to remain healthy at 1.0–1.1x by March 2026.

On the supply side, new launches are projected to grow 4–7 per cent in FY26 to 630–650 msf, recovering from a 14 per cent decline last year. The growth will be supported by spillover projects and comfortable unsold inventory. Anupama Reddy, Co-group Head and Vice President – Corporate Ratings at Icra, said: “The calibrated launches by developers helped maintain healthy inventory levels despite moderation in sales.”

Industry consolidation is accelerating, with listed developers’ share of total sales value rising to 20 per cent in FY25 from 13.1 per cent in FY20. Reddy added that these players are expected to continue outperforming the broader market, supported by lower leverage, strong collections, and robust cash flows.

Debt levels may rise slightly in FY26 to support construction and expansion, but leverage is expected to remain manageable, aided by steady receivables and progress in ongoing projects, Icra noted.

Infrastructure Urban

06 Apr 2026

InsideFPV Delivers ₹10 Crore Kamikaze Drone Order Under MoD’s EPR Route

InsideFPV, a Surat-based drone technology manufacturer, has successfully executed a ₹10 crore defence contract to supply indigenous kamikaze drones under the Ministry of Defence’s Emergency Procurement Route (EPR). The company completed the delivery of hundreds of FPV kamikaze drone platforms within a rapid two-month timeframe, highlighting its ability to meet urgent military procurement timelines.The supply orders were fulfilled under the emergency procurement mechanism, which is aimed at fast-tracking acquisitions for immediate operational needs. InsideFPV’s quick execution reflects it..

Vedanta Resources Secures Fitch Upgrade to ‘BB-’, Best Rating Since 2015

Vedanta Resources Limited (VRL), a global player in metals, oil & gas, critical minerals, power and technology, has received a credit rating upgrade from Fitch Ratings, marking its strongest bond rating in over a decade.Fitch has raised Vedanta Resources’ Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘BB-’ from ‘B+’, while maintaining a Stable Outlook. The agency also upgraded VRL’s senior unsecured rating, along with the ratings of US dollar-denominated bonds issued by Vedanta Resources Finance II Plc and guaranteed by VRL, to ‘BB-’.The upgrade represents Vedan..

NAREDCO NextGen NCR Chapter Launched

The NAREDCO NextGen NCR Chapter was recently launched at Excelerate 2026 in Mumbai, marking a key step towards integrating emerging real estate leaders from the National Capital Region with the national platform. The initiative aims to promote sustainable and responsible urban development through collaboration and knowledge exchange.The event brought together young developers, entrepreneurs, and professionals from across NCR, including Noida, Gurugram, Ghaziabad, Faridabad, Bhiwadi, and Meerut. Discussions focused on urban development, finance, sustainability, innovation, and policy, emphasisi..