Views by Mr. Vikas Jain, CEO of Labdhi Lifestyle and Managing Committee member, CREDAI-MCHI Raigad

New Delhi, March 25, 2020: “The coronavirus has affected the real estate sector very prominently. During auspicious festivals like Gudipadwa, and Baisakhi we usually see an uptick in the market, which is missing. The housing sales will be impacted adversely due to COVID-19. Last year, the festive season was affected due to extreme monsoon and now the sector is facing the challenge of coronavirus. Also, the prices of steel and other construction material have a direct bearing on the real estate industry as India is a big importer of steel and iron products, technical construction equipment as well as plastic and fiber elements from China. With production in China going down, the prices of these materials are bound to increase, resulting in increasing the costs and reducing the profit margins of real estate developers in India. Moreover, the ‘work-from-home’ policy does not apply to the real estate and construction industry, many projects will be delayed if the situation in India worsens.”

Corporate Comm India (CCI Newswire)