Real estate sector to completely recover in FY24: CRISIL

29 May 2021 CW Team

It noted that increased affordability and continuing work-from-home would grow demand for residences in the top six cities of India this fiscal.

However, Mumbai and Pune could see the market contracting due to the higher base of last fiscal, while the rest should see a rebound.

CRISIL cited that demand will align with pre-pandemic levels only after the 2023 fiscal.

In FY22, while the housing demand overall may continue to be subdued because of the second wave of Covid, market opinions are expected to improve steadily, following with the recovery last year, from October onwards. Moreover, the ongoing pandemic and its economic drop will help big developers to get better faster now, leading towards consolidation in the real estate market.

The rating company said that the developers with managed balance sheets would develop faster than the industry, strengthen their presence, and maintain their credit profiles.

Unexpectedly, since FY17, the number of listed realty members has increased from 6% to 22% by the end of FY22 in the housing market.

Isha Chaudhary, director at CRISIL Research, told the media that demand in Hyderabad, Bangalore, and Kolkata is estimated to rise 40-45% this FY after plunging 25-45% last fiscal, driven by better affordability and a lower base.

CRISIL told the media that between 2016 and 2021, real estate players have raised nearly Rs 44,000 crore through equity and land and commercial assets monetisation.

Moreover, the company said that the enhanced financials would be useful to tackle pressure from the second covid wave and reach growth requirements and keep their credit profiles stable.

Currently, its estimates suggest a slowdown in new launches in this fiscal year as developers will centre on the sale of ready or almost complete properties, leading to a gradual decrease in inventory.

Image Source

Also read: Home sales plunge in April-May due to second wave of Covid-19

Also read: Rising steel, cement prices to impact real estate

CRISIL told the media that even though the market is improving in 2021-22, a complete recovery in the residential realty sector is expected only in 2024. The nation's housing market is supposed to increase by 5-10% in the current FY, as per CRISIL. It noted that increased affordability and continuing work-from-home would grow demand for residences in the top six cities of India this fiscal. However, Mumbai and Pune could see the market contracting due to the higher base of last fiscal, while the rest should see a rebound. CRISIL cited that demand will align with pre-pandemic levels only after the 2023 fiscal. In FY22, while the housing demand overall may continue to be subdued because of the second wave of Covid, market opinions are expected to improve steadily, following with the recovery last year, from October onwards. Moreover, the ongoing pandemic and its economic drop will help big developers to get better faster now, leading towards consolidation in the real estate market. The rating company said that the developers with managed balance sheets would develop faster than the industry, strengthen their presence, and maintain their credit profiles. Unexpectedly, since FY17, the number of listed realty members has increased from 6% to 22% by the end of FY22 in the housing market. Isha Chaudhary, director at CRISIL Research, told the media that demand in Hyderabad, Bangalore, and Kolkata is estimated to rise 40-45% this FY after plunging 25-45% last fiscal, driven by better affordability and a lower base. CRISIL told the media that between 2016 and 2021, real estate players have raised nearly Rs 44,000 crore through equity and land and commercial assets monetisation. Moreover, the company said that the enhanced financials would be useful to tackle pressure from the second covid wave and reach growth requirements and keep their credit profiles stable. Currently, its estimates suggest a slowdown in new launches in this fiscal year as developers will centre on the sale of ready or almost complete properties, leading to a gradual decrease in inventory. Image Source Also read: Home sales plunge in April-May due to second wave of Covid-19 Also read: Rising steel, cement prices to impact real estate

Infrastructure Transport

01 Jun 2026

MMRDA advances 250 m on Orange Gate–Marine Drive tunnel

The Mumbai Metropolitan Region Development Authority (MMRDA) has completed 250 m of underground tunnelling for the Orange Gate–Marine Drive Urban Road Tunnel using India’s largest slurry shield tunnel boring machine (TBM) deployed for an urban road project.The project involves twin tunnels extending over 7 km beneath critical transport corridors, including Central Railway, Western Railway and Metro Line 3. The work requires high-precision engineering to navigate densely developed urban infrastructure.Once completed, the tunnel is expected to reduce travel time between Orange Gate and Marin..

Infrastructure Urban

01 Jun 2026

Hindustan Zinc Pays Rs 188.46 Billion in FY26

Hindustan Zinc contributed Rs 188.46 billion to the public exchequer in FY 2025-26, according to its 9th Tax Transparency Report. The contribution, equivalent to 46 per cent of the company’s revenue, included direct and indirect taxes, government royalties, dividends to the Government of India, withholding taxes and other statutory levies.The company’s five-year cumulative contribution to the exchequer stood at Rs 915.72 billion. In FY26, Hindustan Zinc reported revenue of Rs 408.44 billion, EBITDA of Rs 221.62 billion and profit after tax of Rs 138.32 billion. It also achieved its highest..

Infrastructure Urban

01 Jun 2026

World of Concrete India 2026 Opens in Mumbai

Informa Markets in India will host the 12th edition of World of Concrete India 2026 from 3–5 June 2026 at the Bombay Exhibition Centre, Mumbai. The specialised B2B exhibition will bring together manufacturers, suppliers, contractors, developers, architects, consultants, infrastructure companies, project leaders and government stakeholders.The event is expected to feature over 350 brands and more than 18,000 trade professionals. It will cover concrete and cement, dry mortar, precast technologies, formwork, construction chemicals, industrial and commercial flooring, scaffolding, safety solutio..