{"id":4174,"date":"2023-12-28T06:06:05","date_gmt":"2023-12-28T06:06:05","guid":{"rendered":"https:\/\/www.earnnest.me\/web\/?p=4174"},"modified":"2024-01-12T08:41:21","modified_gmt":"2024-01-12T08:41:21","slug":"white-space-in-terms-of-capital-availability-for-the-real-estate-sector","status":"publish","type":"post","link":"https:\/\/www.earnnest.me\/web\/white-space-in-terms-of-capital-availability-for-the-real-estate-sector\/","title":{"rendered":"White space in terms of capital availability for the Real Estate Sector"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"4174\" class=\"elementor elementor-4174\" data-elementor-settings=\"[]\">\n\t\t\t\t\t\t\t<div class=\"elementor-section-wrap\">\n\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-bcd6b4f elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"bcd6b4f\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-a9afbab\" data-id=\"a9afbab\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-31eefa4 elementor-widget elementor-widget-text-editor\" data-id=\"31eefa4\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<p><strong>Declining traditional sources of capital for the Real Estate Sector<\/strong><\/p><p>RBI has recently shared a report on Trend and Progress of Banking in India (2022-23). Few points caught our attention related to the deployment by Scheduled Commercial Bank (SCB) and NBFC credit in Commercial Real Estate (CRE) and housing loans:<\/p><p>Traditional sources of finance to CRE are not meaningfully active<\/p><ul><li>Total CRE exposure of Banks and NBFCs has grown at a CAGR of just 4.4% from FY19 to 1HFY24 (refer figure 1)<\/li><\/ul>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-51ba89c elementor-widget elementor-widget-image\" data-id=\"51ba89c\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"640\" height=\"373\" src=\"https:\/\/www.earnnest.me\/web\/wp-content\/uploads\/2023\/12\/Screenshot-2024-01-12-115809.png\" class=\"attachment-large size-large\" alt=\"\" srcset=\"https:\/\/www.earnnest.me\/web\/wp-content\/uploads\/2023\/12\/Screenshot-2024-01-12-115809.png 697w, https:\/\/www.earnnest.me\/web\/wp-content\/uploads\/2023\/12\/Screenshot-2024-01-12-115809-300x175.png 300w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-cb599ab elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"cb599ab\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-bfa6788\" data-id=\"bfa6788\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-4030446 elementor-widget elementor-widget-text-editor\" data-id=\"4030446\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<ul><li><span style=\"color: #808080;\">Share of CRE to total credit to industry and services has fallen from 5.1% in FY19 to 4.6% in 1HFY24\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0<\/span><\/li><\/ul><p><span style=\"color: #808080;\">If we dig deeper, NBFCs have continued to shrink their CRE lending book:<\/span><\/p><ul><li><span style=\"color: #808080;\">NBFCs\u2019 CRE exposure reduced by 44% from INR 1.5 trn in FY19 to INR 0.8 trn in 1HFY24 (refer figure 2)<\/span><\/li><li><span style=\"color: #808080;\">NBFCs\u2019 CRE exposure to NBFCs\u2019 overall lending book reduced from 6.5% in FY19 to just 2.3% in 1HFY24 (refer figure 2)<\/span><\/li><\/ul>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-96dda71 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"96dda71\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-79bd390\" data-id=\"79bd390\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-ac2aa88 elementor-widget elementor-widget-image\" data-id=\"ac2aa88\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"586\" height=\"397\" src=\"https:\/\/www.earnnest.me\/web\/wp-content\/uploads\/2023\/12\/Screenshot-2024-01-12-115555.png\" class=\"attachment-large size-large\" alt=\"\" srcset=\"https:\/\/www.earnnest.me\/web\/wp-content\/uploads\/2023\/12\/Screenshot-2024-01-12-115555.png 586w, https:\/\/www.earnnest.me\/web\/wp-content\/uploads\/2023\/12\/Screenshot-2024-01-12-115555-300x203.png 300w\" sizes=\"auto, (max-width: 586px) 100vw, 586px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-91ae11d elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"91ae11d\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-4478da6\" data-id=\"4478da6\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-3b62f7d elementor-widget elementor-widget-text-editor\" data-id=\"3b62f7d\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<ul><li><span style=\"color: #808080;\">NBFCs\u2019 share of credit to CRE (as %age of Bank and NBFC CRE) has reduced from 42% in FY19 to less than 20% in 1HFY24 (refer figure 3)<\/span><\/li><\/ul>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-cc8468e elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"cc8468e\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-dc75d7c\" data-id=\"dc75d7c\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-cec7ffb elementor-widget elementor-widget-image\" data-id=\"cec7ffb\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"640\" height=\"198\" src=\"https:\/\/www.earnnest.me\/web\/wp-content\/uploads\/2023\/12\/Picture1-2-1024x317.png\" class=\"attachment-large size-large\" alt=\"\" srcset=\"https:\/\/www.earnnest.me\/web\/wp-content\/uploads\/2023\/12\/Picture1-2-1024x317.png 1024w, https:\/\/www.earnnest.me\/web\/wp-content\/uploads\/2023\/12\/Picture1-2-300x93.png 300w, https:\/\/www.earnnest.me\/web\/wp-content\/uploads\/2023\/12\/Picture1-2-768x238.png 768w, https:\/\/www.earnnest.me\/web\/wp-content\/uploads\/2023\/12\/Picture1-2-1536x476.png 1536w, https:\/\/www.earnnest.me\/web\/wp-content\/uploads\/2023\/12\/Picture1-2.png 1867w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-1da69b2 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"1da69b2\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-5b94399\" data-id=\"5b94399\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-4fb4f41 elementor-widget elementor-widget-text-editor\" data-id=\"4fb4f41\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<p><span style=\"color: #808080;\">At the same time, residential estate remains robust with strong sales and launch momentum across cities in India (Refer our earlier insight on<span style=\"color: #3366ff;\"> <a style=\"color: #3366ff;\" href=\"https:\/\/certuscapital.in\/wp-content\/uploads\/2023\/12\/Higher-mortgage-rates-have-been-absorbed-well-Certus_v2.pdf\">Higher mortgage rates have been absorbed well<\/a>)<\/span>:<\/span><\/p><ul><li><span style=\"color: #808080;\">9MCY23 sales have already reached 91% of the CY22 sales<\/span><\/li><li><span style=\"color: #808080;\">Sales and launches in 9MCY23 have grown by 21% and 24% y-o-y respectively.<\/span><\/li><li><span style=\"color: #808080;\">9MCY23 pan India inventory (in terms of years-to-sell or YTS) was 2.3, which is the lowest in last several years<\/span><\/li><li><span style=\"color: #808080;\">FY23 was the best year in terms of sales volume for all listed developers and it appears that FY24 would beat this record<\/span><\/li><\/ul><p><span style=\"color: #808080;\">Credit to retail housing loan from both Banks and NBFCs remains robust<\/span><\/p><ul><li><span style=\"color: #808080;\">Overall housing loan (Banks and NBFC) has increased at a CAGR of 13.7% from FY19 to 1HFY24 (refer figure 4)<\/span><\/li><li><span style=\"color: #808080;\">NBFCs\u2019 share of credit to housing loan (as a % of SCB and NBFC housing loan) has improved from 1.3% in FY19 to 1.9% in 1HFY24 (refer figure 4)<\/span><\/li><\/ul>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-d17605f elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"d17605f\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-2dc460a\" data-id=\"2dc460a\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-d71b7f5 elementor-widget elementor-widget-image\" data-id=\"d71b7f5\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"640\" height=\"387\" src=\"https:\/\/www.earnnest.me\/web\/wp-content\/uploads\/2023\/12\/Screenshot-2024-01-12-120033.png\" class=\"attachment-large size-large\" alt=\"\" srcset=\"https:\/\/www.earnnest.me\/web\/wp-content\/uploads\/2023\/12\/Screenshot-2024-01-12-120033.png 681w, https:\/\/www.earnnest.me\/web\/wp-content\/uploads\/2023\/12\/Screenshot-2024-01-12-120033-300x181.png 300w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-784dbbe elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"784dbbe\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-e86cff7\" data-id=\"e86cff7\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-a804ae7 elementor-widget elementor-widget-text-editor\" data-id=\"a804ae7\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<p><span style=\"color: #808080;\"><strong>Certus view: <\/strong><\/span><\/p><p><span style=\"color: #808080;\">Clearly, SCBs aren\u2019t too active in the CRE sector and NBFCs have significantly vacated this space. There is a massive white space in terms of capital availability for performing, unlisted players. On the other hand, residential cycle remains strong and we are in the 3<sup>rd<\/sup> year of a multi-year housing cycle. This unique situation has created an attractive opportunity for creation of a specialized CRE credit platform to plug this funding gap.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-5191436 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"5191436\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-aaa05c1\" data-id=\"aaa05c1\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-4290217 elementor-widget elementor-widget-text-editor\" data-id=\"4290217\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<p><span style=\"color: #808080;\">Note: SCB excludes the impact of the merger of HDFC Bank and HDFC Ltd<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Declining traditional sources of capital for the Real Estate Sector RBI has recently shared a report on Trend and Progress of Banking in India (2022-23). Few points caught our attention related to the deployment by Scheduled Commercial Bank (SCB) and NBFC credit in Commercial Real Estate (CRE) and housing loans: Traditional sources of finance to [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":4175,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-4174","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-insights"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>White space in terms of capital availability for the Real Estate Sector - Earnnest<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.earnnest.me\/web\/white-space-in-terms-of-capital-availability-for-the-real-estate-sector\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"White space in terms of capital availability for the Real Estate Sector - Earnnest\" \/>\n<meta property=\"og:description\" content=\"Declining traditional sources of capital for the Real Estate Sector RBI has recently shared a report on Trend and Progress of Banking in India (2022-23). 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