New Delhi, April 8 -- ICRA expects the new project launches in the top seven cities to grow by 6-9% in FY2026 to around 620-640 million square feet (msf), supported by the current low inventory overhang and some spillover of new project launches from FY2025. The launchesare estimated to have sharply declined by 14-17% in FY2025 due to approval-related challenges, after reporting the highest ever at 701 msf in FY2024.The replacement ratio measured by launches to sales in the last 12 monthsremained at 1.0 times in 9M FY2025 and is likely to remain at similar levels in FY2025 and FY2026.

Giving more insights,Anupama Reddy, Vice President and Co-Group Head, Corporate Ratings, ICRA,says: "A material increase in average selling prices (ASP) du...