Residential real estate to recover by FY 2022-23

According to CRISIL, domestic ratings agency, India’s residential real estate sector is expected to reach the pre pandemic demand level only after FY 2022-23. Owing to improved affordability and increasing work from home needs, Bengaluru, Hyderabad, the National Capital Region (NCR), Kolkata, Pune and Mumbai, the top six markets, will collectively grow 5-10 % by area during FY 2021-22.
Pune and Mumbai are expected to witness contraction due to stamp duty cut-fuelled demand during FY 2020-21. “Demand in Bengaluru, Hyderabad, the National Capital Region (NCR) and Kolkata is set to rise 40-45 per cent this fiscal after plunging 25-45 per cent last fiscal, propelled by better affordability and lower base,” Isha Chaudhary, Director at CRISIL said.