A recent report by KPMG estimates the total impact of the COVID-19 pandemic and the subsequent lockdown on the realty sector at Rs. 76,00,000 crore (over $100 billion). KPMG projects that sale of housing units in the top-7 Indian cities could fall by 30% from 4 lakh units in FY20 to just 2.8 lakh units in FY21. Any reasonable pick-up in real estate activity looks likely only after 24 months. On the residential front, income uncertainty will lead to demand crunch and tight funding. While residential property market will be sharply hit, even the commercial property segment could take a big hit on account of emerging trends like social distancing, work-from-home (WFH) etc. While stocks like DLF have their zero debt plans as a positive feature, the overhang on the sector is huge and they can at best be seen as trading bets only.