[INDIA REAL ESTATE NEWS] Good morning everyone I am Sankhraj from KI-KME. Here I have important INDIA economic news to share with you which is as mention under.|
BENGALURU | MUMBAI | NEW DELHI: The worldwide spread of the coronavirus is expected to delay commercial real estate deals across India due to travel restrictions and lack of clarity on its impact on global economic growth.
Commercial space deals in India were earlier estimated to remain robust in 2020 after hitting a record of over 60 million sq. ft. in 2019. However, deals could be pushed back by three to six months as key decision makers may not visit India in the backdrop of travel restrictions, according to transaction advisors.
A final assessment of the impact of the coronavirus epidemic on the global economy may lead to changes in expansion plans and therefore space requirements.
“It is a Black Swan event that comes with implications for the world economy. The disruption to business cycles is bound to impact commercial real estate decision-making as well,” said Gautam Saraf, managing director at Cushman & Wakefield in Mumbai.
Demand remains intact, although decision-making for corporate real estate could face delays due to travel restrictions and as businesses scramble to cope with the larger economic impact, he said. Saraf expects delays of 2-3 quarters in decision making that could defer office space transactions.
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