New Delhi, March 25, 2020: “With the number of enquiries dramatically slowing down, the real estate industry is facing the turbulent effects of COVID- 19; the pandemic has not only created a health emergency but a financial emergency too. The global economic slowdown is pushing an already battered segment and negatively impacting the residential real estate demand, resulting in a massive reduction in site visits and enquiries ultimately leading to delayed decision making and deal signings. As new home brings an added liability and the burden of long term EMIs, home buyers belonging to the working class, will be reluctant to make any new purchases due to the uncertainty toward their jobs, resulting in an even lower consumption of the affordable segment. The pandemic has hit at a very sensitive period, that of the financial year closing, which remains extremely crucial for most businesses. This year’s festive occasion of Gudi Padwa will also see a major drop in home buying, and delay in launches due to a complete halt in construction activities. We believe a credit liquidity boost in the sector post COVID – 19, will help the struggling industry to pick up pace. However we are confident that these are temporary disruptions and the condition would definitely improve, and will not hold back the economy and the industry for a long time”.
Corporate Comm India (CCI Newswire)
