[INDIA REAL ESTATE NEWS] Good morning everyone I am Nidhi from KI-KME.
Here I have important INDIA economic news to share with you which is as mention under.\
BENGALURU: The Covid-19 is yet another black swan moment in India’s residential real estate market which will lead to further dip in sales and postponement of launches, brokerage firm ICICI Securities said. “Since early March 2020, the Covid-19 scare has led to buyer footfalls falling off dramatically in the largest markets of MMR (Mumbai Metropolitan Region) and NCR and to a lesser extent across South India. The prospect of falling sales in ongoing projects and deferment of upcoming launches threatens to become the next Black Swan for an already weak residential market,” it wrote in a report last week.
The report said the impact has been most drastic in Mumbai and Delhi, while the situation in Bengaluru is slightly better. And it is expected to be further exacerbated now as the country is asking citizens to avoid stepping out to prevent the spread of the pandemic
“The slowdown since end-February is apparent; and while site visits are marginally down, the decision-making process is hugely delayed,” said National Real Estate Development Council president Niranjan Hiranandani. The sector has been down for nearly six years now as buyers stay away from a tepid market. Demonetisation,
the RERA Act, GST and the NBFC funding crisis has dealt a body blow to the industry. Many developers have changed track and are focusing on commercial office space, which have been yielding better returns.
Read more at: https://economictimes.indiatimes.com/wealth/real-estate/coronavirus-impact-mumbai-delhi-property-purchases-see-huge-drop/articleshow/74805022.cms