COVID-19 and its impact on Realty Sector

While the corona virus may not seem like it will have a major impact on the real estate industry, a closer examination suggests that it actually may have a far-reaching impact. From office to retail to industrial, expectations are that the real estate industry could see major changes regardless of whether the coronavirus is short-lived or is here to stay. Adding on, the on-going Covid-19 virus chaos and concerns over the global economy are likely to curtail a number of residential project launches across the country during the upcoming festive season of Gudi Padwa, Ugadi and Akshaya Tritiya, which usually sees several new launches.

Conclusively, with recent reports of Coronavirus reaching Delhi-NCR and Noida, the real estate industry needs to brace itself for an even unfavorable impact than previously thought. With the threat of infection affecting human lives, the real estate sector can expect a dip in property visits and a reduced buyer interests.

Mr Pradeep Aggarwal, Chairman – ASSOCHAM National Council on Real Estate, Housing and Urban Development, Founder and Chairman – Signature Global India Pvt. Ltd. said, “Indian realtors, however, are of the view that the virus may not have a major impact on the domestic real estate market. We all developers are keen to focus on executing their on-going projects and expecting no dip in sales as we are regularly doing the sanitization program in our project sites as well as in our offices too where also our procurement material have not been effected. But on the other side, the industry is already facing the headwinds of global economic slowdown and tepid demand.

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