New Delhi: The impact of coronavirus is also showing on the real estate sector in the country. Due to the decrease in demand, property can be cheaper by 10 to 20 and land by 30 per cent. Reuters has assessed this price cut in one of its surveys. According to property consulting company Enrock, due to Coronavirus infection, the sale of homes in seven big cities of the country could fall by 35 percent this year.
This will be the biggest decline in the past decade. According to Reuters, property prices had increased drastically over the past few decades, but due to the Corona crisis, it is now undergoing correction. In this context, Pankaj Kapur, CEO of real estate consultancy firm Lias Forras, said that property prices in different regions of the country could fall by 10-20 per cent. While land prices may fall by up to 30 per cent.
The situation worsened last year due to the lack of liquidity with real estate companies due to the NBFC crisis. The developers had to offer discounts. Now buyers can expect big cuts. The lockdown has been implemented until 14 April to prevent Corona in India, which has severely affected residential real estate.