Realty firm, Godrej Properties, on Friday said liquidity has been a challenge for the real estate sector even before the current non-banking financial company (NBFC) crisis.

In an interview to CNBC-TV18, Pirojsha Godrej, executive chairman, said, "Certainly, a big source of additional funding for the real estate sector over the last few years have been NBFCs. If the current situation worsens, it could have a major impact on the sector,” he said, adding that it would be difficult to tell what will be impact.

Godrej said many developers have been forced to look at new source of funding as accessing capital from traditional line has become difficult, "We see this as a unique and a substantial opportunity to put in place a business development portfolio that can help the company scale in the coming years."

Further, he said Godrej Properties is not financing other developers directly, but the company has a model of partnering with land owners for projects and liquidity crisis would add a lot of momentum to that process.

"So, the next 3-6 months could be by far the greatest ever period for Godrej Properties from business development perspective," he added.

The equity raised in the first financial year of this year would help put some of that capital to work and significantly strengthen the portfolio, Godrej said .

According to him, "If the liquidity tightness continues, then one cannot rule out a short-term price correction, but any such correction would be extremely short-lived."

Currently, the net debt of the company is at Rs 1,500 crore and Godrej Properties is looking to put more capital in an aggressive manner, Godrej said.