Expect complete recovery in residential realty only in 2024: Crisil

Better affordability, sustained WFH will spike demand in top six cities this fiscal. But Mumbai and Pune may see contraction due to the higher base of last fiscal

Although the market is growing in 2021-22, a full recovery in the residential realty sector is expected only in 2024, ratings agency Crisil said today. According to it, the country’s housing market is expected to grow by 5-10 per cent in the current fiscal year.

“Improved affordability and continuing work-from-home will increase demand for residences in India’s top six cities this fiscal. But two of these–Mumbai and Pune–could see demand contracting due to the higher base of last fiscal, while the rest should see a rebound on a low base. However, absolute demand will catch up with pre-pandemic levels only