Today, at the endemic of this severe corona
virus, experts are busy calculating abnormal human loss worldwide. People are
suffering or out of home due to the outbreak of this virus. In the meantime,
the effect of the unexpected opposition to this deadly virus spreading on the
global economy has been agreed.
Considering COVID - 19, the estimated loss to
GDP in the world so far has been assumed to be 0.2 percent. For the grace of
God, the effect is by no means limited in India. But in this scenario, it is
clear that the Indian economy, which has already seen a 4.5% lower growth in
the July - September quarter, will probably not remain uninhabitable due to the
worldwide economic slowdown. And, the realty industry of the Indian residential
market is telling a different story altogether.
COVID - 19 affects the property market in India
If the data collected from SuGanta.com is analyzed together, it is
clearly visible the fall of 9 important residential markets of India by 30
percent during the time span of October to December last year. It is
deteriorating for the fifth consecutive time of Q3 financial year 2019.
The trend is also the same for the launch of
new projects. Since the third quarter of the last financial year, the task of
starting new projects has been facing a continuous decline in the mega markets.
This caused an annual decline of 44% in the October to December time period.
Despite all the government-issued schemes,
including the lowest interest rate on home loans and the maximum tax exemption
on purchasing any residential property in India for the first time in the
history of real estate, all efforts failed to revive property demands among
homebuyers are in India. He still chose to remain unaffected by all the tricks
played by the stakeholders to force him to go out of his fence. For example,
the government took an action to limit GST to 1% for affordable flats, which
also went into the vein.
Usually, the craze of buying and selling property
in India increases during the festivals of October to December, which did not
happen even in 2019. And now in early 2020, there has been an outbreak of the
corona virus. And, it has also probably brought the worst times in the
residential property market in India. 1705732 Corona positive cases reported
globally as of April 10, 2020. And, it is only growing and causing more fear
around the world.
The rate of property visits has fallen surprisingly
Well, impressed by the government's plans,
given how interested some consumers were in searching for property on the
Internet, the Corona virus outbreak just seized them again from doing any such
thing. To date, on April 10, 2020, India has reported 7600 corona positive
cases. The activation of social media and news channels has succeeded in making
people truly aware of COVID - 19 and everyone tries 'Stay Home Stay Safe'. People are really creating social distance
by listening to the words of PM Modi. Currently, India is on a 21-day long
social lockout to stop the spread of pollution. So, in such a scenario, nobody
is dreaming for a site coming to buy a property in India.
Plans for project delays !!
Indian real estate is largely dependent on
China, which is the source for COVID - 19 outbreaks. India needs support in
matters of sourcing home furnishing essentials, construction materials, plastic
to steel to electronic materials and construction equipment from China. Now,
India needs to look for alternative sources as China is busy controlling the
epidemic of viruses. It will shoot project delays to make sure.