The NBFC crisis needs to be resolved as soon as possible or the real estate sector's much-anticipated recovery will be postponed by a couple of quarters, Agarwal said.
Now, NBFCs are struggling and their loan disbursals to developers have slowed down significantly, he said.
The repayment burden is about 1.2 trillion (USD 16.3 billion) of commercial paper in October-December, near a record 1.46 trillion in August-October, according to available data.
The consultant quoting Credit Suisse report said NBFCs and Housing Finance Companies (HFCs) have played a major role in credit supply in recent years, accounting for nearly 25-35 per cent of incremental overall credit.
While bank credit growth in the last two years averaged at a mere seven per cent, a strong 20 per cent-plus growth in NBFC credit aided overall credit expansion beyond 10 per cent.
"Despite residential sales gradually picking up q-o-q, they are nowhere near their peak levels. With substantial number of residential projects running behind schedule, the crisis could further exacerbate liquidity woes and impact project delivery time lines even more," Agarwal said.
As per Anarock data, more than 575,000 residential units are running behind schedule across the top 7 cities since their launch in 2013 or before.
Many listed realty developers such as Puravankara, DLF, Prestige Group, Oberoi Realty and Godrej Properties have well-diversified portfolios and many of these have also reduced their debts and ventured into affordable housing where growth is currently the highest, he said.