Covid-19 Impact on Real Estate by Mr. PRAMOD JADHAV
Real estate is in that situation where home buyers were gradually returning but Covid -19 has been a speed breaker of sorts. The slowdown since the end of February is appearing. While site visits are marginally slow down, decision-making process I hugely delayed. Also, it seems that it is going to affect highly on sell.
Construction already coming to a grinding halt. project completion is slated to be postponed. If situation prolongs, the deployment of funds including the ultimate investment fund will retain on hold.
So, property prices may come down by 10-20 % across Geographic's, while land prices could see even on the higher reduction of 30 % in Pune. As it is buyers market if someone wants to deal they have to reduce the price. Also, the market is in running position those who already completed the project and also up to a ready possession. So that buyers can easily think of to buy a home and books it.
As this crisis has retracted the end-user confidence to its lowest level ever, which will push any kind of real estate purchase. The decision to the distant future. The already align real estate sector has been crippled with the pandemic. Making it imperative for government support to bring it back on track.
One of the most important thing this corona has reminded us and that is 3 essential needs of humans to live food, clothes & shelter. Rest of all is just a subsidiary.
So people don't forget what is essential then what is important to live, so we builders need to bug up. we are providers of essentials, give as much as good services to mankind. Only 1 mantra to hold up in this crises of the market and that is sold, sell, sell and sell.