Bank credit to the commercial real estate sector stood at ₹4.38 trillion as on January 26 this year, up 36% YoY, according to recent Reserve Bank of India data. The growth was 8% YoY in January 2023.
Credit to the residential real estate sector is expected to grow 15-20% in both the current and next financial years.
In FY23, it was at 17.3%, according to India Ratings and Research. Banks' exposure to the sector continues to increase in FY24, according the rating firm.
"The agency has observed strong sales momentum in FY24. While it is likely to taper down into FY25 due to a high base, it will remain moderately positive. All micro markets saw an uptick in sales, led by the National Capital Region and Hyderabad," India Ratings said.
Saurabh Shatdal, managing director, capital markets and head – retail, India, Cushman & Wakefield, said strong demand drivers have encouraged developers to take fresh projects which has created a high-quality supply pipeline.
This story is from the March 29, 2024 edition of Financial Express Mumbai.
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This story is from the March 29, 2024 edition of Financial Express Mumbai.
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