India, June 16 -- Housing sales by Tier-1 residential real estate players likely declined in volume terms in FY25, signalling a slowdown in the residential real estate cycle compared to the strong growth seen in FY23 and FY24. According to a report by India Ratings and Research (Ind-Ra), sales volumes fell 6% year-on-year in FY25, with a sharper 13% YoY decline in Q4 alone.

Despite the dip in volumes, sales value rose 9% YoY in both Q4FY25 and the full fiscal year, driven by better realisations and an improved sales mix. Ind-Ra expects booking value growth to moderate in FY26 from the 23% YoY rise seen in FY25, due to a high base effect from FY22 to FY25.

The agency forecasts low-to-mid single-digit growth in Tier-1 booking values in FY...