The already sagging real estate market has been the worst hit by the present pandemic crisis. The real estate developers have started to feel the pinch. Some of them said that they were in the wait-and-watch mode and feel that things should calm down first and the public stays safe and healthy.
- Dhruv Agarwala, Group CEO, Housing.com, Makaan.com and PropTiger.com
While necessary, the virtual lock-down in major cities across India, due to the recent corona virus outbreak, will certainly have an adverse impact on economic activity across sectors including real estate. We too have begun to see a dip in traffic on all our platforms.
In order to mitigate the impact, we have come out with various innovative schemes for builders and brokers to encourage them to continue to advertise on Housing.com so that they can build their customer pipelines even when the market is slow. We have also launched video calls, virtual walkthroughs and other innovative visualisation products to enable consumers to make property purchase decisions in the comfort of their living rooms, while they are unable to venture out of their homes.
- Manoj Gaur, MD, Gaurs Group & Chairman, Affordable Housing committee, CREDAI (National)
The sales are impacted, but it is temporary phenomena. We will know the exact impact only when things calm down. In any case second half of March and April are generally not great from sales perspective. Also, at the moment it is more important that people remain safe & healthy and that remains our prime concern as of now.
- Nayan Raheja, Executive Director, Raheja Developers
The pandemic has adversely impacted all the sectors of the economy including real estate. Sales and construction are badly impacted and at standstill as per govt orders. This situation may remain same till lockdown is in effect but will have lasting effect on economy as project deliveries shall be delayed. However, since real estate is the only long term and stable investment asset compared to the other volatile options, we anticipate a steady investment growth once things get back to normal.
- Amit Raheja, CMD, Wealth Clinic
Site visits at this stage are not advisable. It will hamper sales to a large extent, but we expect a good turnaround once the situation returns to normalcy.
- Amit Modi, President Elect CREDAI Western UP and Director ABA CORP
As a near short term impact, the sales velocity has definitely been slow and the real impact on the buying behaviour is visible due to COVID-19 lockdowns in addition we also foresee a delay of around seven to eight months in project completion on account of supply disruptions due to the coronavirus outbreak and the National Green Tribunal ban on construction last year across the region.
- Mohit Goel, CEO, Omaxe Ltd.
Both real estate sales and recoveries have been halted as a result of the lockdown arising out of the coronavirus pandemic. Standing in solidarity and support, we have relaxed the payments to be made by our customers and also waived the interest on those payments during the lockdown period. As for real estate prices, there will be no change as transactions are not taking place. The prices will resume at the level it has halted.
- Deepak Kapoor, Director, Gulshan Homz
People are deferring property buying decisions and accordingly, sales in March is likely to dip for sure. But as the fall in the sector is nowhere compared to other asset classes like equity, gold etc, we hope real estate will again emerge as the preferred destination for both investors and end-users.