The COVID-19 pandemic has resulted in a sudden stoppage of work at construction sites across the country and also labourers’ reverse migration to villages.
Even as the realty sector was already grappling with issues like poor demand and liquidity crisis resulting in delays in project completion, the coronavirus pandemic has made sure that the recovery in the sector isn't around the corner.
In a base case, property consultant Anarock said that sales could drop 25 per cent to 1.96 lakh units this year from 2.61 lakh units in 2019 across seven major cities- Delhi-NCR, Mumbai Metropolitan Region, Kolkata, Chennai, Bengaluru, Pune and Hyderabad.
The subscription-based online rental furniture platform, which provides furniture, home decor and home appliances on rent, has, since inception, served an estimated 110,000 customers, and is present in eight cities across the country.
Noida-based Gaurs Group has started a campaign, Ghar Baithe Ghar Kharido – Knockdown offer. Some like the Mahagun group have offered discount schemes. Another NCR-based developer, Migsun, charges just Rs 51,000 to book a flat.
After the changes, will these structures continue to remain equally attractive?
The lockdown to prevent spread of coronavirus has brought almost all economic activities to a halt, with daily wagers, especially migrating workers, employed in construction and other informal sectors forced to return to their respective villages, mostly on foot.
If you still haven't joined the "Spring Cleaning" bandwagon, what in the world are you waiting for? It's the perfect time to move things around, clean those difficult corners and make your pad a real nesting place.
The Pune Municipal Corporation (PMC) officials feel that the 1% reduction in stamp duty for property registration offered by the state government will boost the real estate market with buyers coming forward to avail of the benefit.
To invest Rs 300 cr in Wadhwa's Residential Project in Mumbai's Mulund suburb
Recent developments witnessed labourers migrating to their home towns, thus impacting construction activities. Disruption in the second-half of March 2020 will result in modest revenue growth/de-growth in Q4-FY2020, it said, adding the major impact is expected in Q1-FY2021 with construction activities stalled during the first half of April-2020.
Within a few days, cities switched the functions to monitor quarantine facilities, provide free WiFi facilities to quarantined people and give them support, track health of suspected patients and their contacts under home quarantine, monitoring the roads and traffic through drones and pushing awareness messages through the helplines.
Sale of residential apartments dropped 42% to 45,200 units in the first quarter compared to the same period a year earlier, data from property consultancy firm Anarock showed.
Corporates and retailers, both global and domestic, are expected to delay their decisions on fresh leasing of commercial spaces by at least a quarter.
ADB will now join the Government of India (GOI) and Asian Infrastructure Investment Bank (AIIB) as an investor in the Fund, said a press statement on Monday.
Realty developer DLF has decided to give salaries to all workers and daily-wagers working directly with DLF, or indirectly through its active contractors. This is being done via a Direct Beneficiary Transfer system into the bank accounts of the workers to provide immediate funds to tide over this life-threatening crisis.
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