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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Here are Some more Insight Analysis From Experts:

According to Anrock Company statement due to COVID 19,this year many big states can face about 35% property Purchase rates down like Delhi NCR, Mumbai, Kolkata, Chennai, Bengaluru, Pune, Hyderabad included in this.Company also state that offices on lease can drop 30 % and under construction can face 64 % drop down.

As its clear that construction of under going project is stand still,home buyers footfall and site visit is also stand still sales are almost down by 80 %.

CREDAI -MCHI says that Feb-Mar Residential Property booking have dropped 78 % From Jan.

New launches Planned for 2020 April and May has been extended further to September 2020.