Impact of Covid 19 Real Estate
Impact Of Covid-19 On Real Estate Sector
Novel Coronavirus not only hits the Real Estate but also hit the several Sectors across the world.Indian Real Estate sector seems to have hit another brick wall with Coronavirus pandemic which could perhaps be the worst of all Historic after the 2008 financial crisis and 2016 demonetization.
The Sector has witnessed a stand still so if you are an home buyer get ready for delay with EMI & Rent both adding to your financial liabilities and if you are planning to buy get just wait for things to settle as due to low demand of Apartments in near Future can get you some Exciting Deals/Offers from Developers to dispose of standing Inventories !!!
Real Estate Developers Seeking Relief :-
- COVID19 has been declared as National Disaster RERA is ineffective in getting home buyers to recover penalties in force major situations
- The Real Estate developers of Various state authorities are seeking relief from there respective state Real Estate Regularities to delay Recovery notices issue to the Developers under various projects by atleast 6 months in light of Covid-19 crisis as with mass labors movements during lockdown it will be challenging to Resume Construction work.
- New sales not coming Up due to safety Reason during Site Visits and low sentiment of Buyers towards investment creates a Liquidity Crunch for Developer making conditions more worst to Resume.
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