A process for the recovery of propylene and LPG from a product mixture obtained by contacting a hydrocarbon feed with a catalyst in a FCC process, comprising the steps: (i) distilling the product mixture in main fractionator to obtain heavier liquid product as side or bottom draws and a gaseous top product consisting of components boiling below 215°C; (ii) cooling and condensing the gaseous top product and separating the obtained gas-liquid mixture in a receiver cum separator to obtain a liquid fraction referred to as unstabilized naphtha and a lighter gaseous fraction; (iii) sequentially compressing, cooling and separating in a two stage wet gas compressor train (8, 14) said gaseous fraction obtained from step (ii) to obtain gaseous fraction and liquid fraction supplied to a high pressure separator; (iv) mixing the liquid fraction obtained from step(ii) with the liquid fraction as obtained from step (iii) in the high pressure separator to obtain combined liquid fraction; (v) feeding the combined liquid fraction as obtained in step (iv) to a de-ethanizer wherein ethane and lighter components stripped off from the feed are recycled back to the high pressure separator in step (iv) whereas the de-ethanized liquid product is fed to debutanizer column; (vi) separating butane and lighter components present in the debutanizer feed as overhead gaseous fraction and obtaining heavier fraction as bottom product referred to as debutanizer bottoms (25, 26); (vii) contacting the gaseous fraction obtained from the high pressure separator in an absorber (27, 28, 29) with a part of the debutanizer bottoms which is a part of the liquid fraction as obtained in step (vi); (viii) feeding the rich oil from the absorber bottom liquid to de-ethanizer via high pressure separator. (i) distilling the product mixture in main fractionator to obtain heavier liquid product as side or bottom draws and a gaseous top product consisting of components boiling below 215°C; (ii) cooling and condensing the gaseous top product and separating the obtained gas-liquid mixture in a receiver cum separator to obtain a liquid fraction referred to as unstabilized naphtha and a lighter gaseous fraction; (iii) sequentially compressing, cooling and separating in a two stage wet gas compressor train (8, 14) said gaseous fraction obtained from step (ii) to obtain gaseous fraction and liquid fraction supplied to a high pressure separator; (iv) mixing the liquid fraction obtained from step(ii) with the liquid fraction as obtained from step (iii) in the high pressure separator to obtain combined liquid fraction; (v) feeding the combined liquid fraction as obtained in step (iv) to a de-ethanizer wherein ethane and lighter components stripped off from the feed are recycled back to the high pressure separator in step (iv) whereas the de-ethanized liquid product is fed to debutanizer column; (vi) separating butane and lighter components present in the debutanizer feed as overhead gaseous fraction and obtaining heavier fraction as bottom product referred to as debutanizer bottoms (25, 26); (vii) contacting the gaseous fraction obtained from the high pressure separator in an absorber (27, 28, 29) with a part of the debutanizer bottoms which is a part of the liquid fraction as obtained in step (vi); (viii) feeding the rich oil from the absorber bottom liquid to de-ethanizer via high pressure separator.