close
Breaking news

Meghalaya Governor Satya Pal Malik’s stand has not softened even after th...read moreAll You Need to Know About Cryptocurrency in India: Trends, Legality and Taxa...read more The Champaran Foundation, in collaboration with InFeed, organised an online e...read more In one of the biggest leaks ever of offshore financial records, the Internation...read more The Champaran Foundation, in collaboration with InFeed, is inviting entries fo...read more The recently concluded German elections on September 26, 2021 have given a divid...read more According to latest news reports, China has been on a defense infrastructure rev...read more A new line of argument has already come to dominate the public sphere: it’...read more The government has gone one step further to detect community spread of the coro...read more The government has issued an order to abolish the six allowances, including the...read more Aarogya Setu application launched by NIC is aimed to track COVID-19 affected pe...read more SEOUL| South Korea’s unemployment rate was unchanged in April as the coronavi...read more Amid the outbreak of Corona pandemic in the country, Indian government has been...read more Prime Minister Narendra Modi in his address to the nation on Tuesday indicated ...read more Corona infection in the country is taking a macabre form. So far, more than 74 ...read more Congress General Secretary Priyanka Gandhi Vadra has written a letter to UP Chi...read more On Tuesday, Prime Minister Narendra Modi announced a package of Rs 20 lakh cror...read more

First Demonetization Then GST and Now Corona: Challenge for Real State Sector

In order to avoid the infection of Corona virus, all kinds of businesses and production have been closed in India for the last three weeks, apart from the essential items. It is obvious that even in the huge real estate sector of India, whether it is commercial or domestic, all kinds of work is stalled. In the era of social distancing, neither the construction nor the sale, not even the purchase-registration (registry) can be done because most of the offices are also closed.
But the problem of Indian real estate has not just started with the commencement of corona virus. Demonetisation probably had the greatest impact on the uncountable exchange of black money in real estate. The second major challenge before the real estate sector came from the GST.
According to experts, the condition of this sector, which has been witnessing a decline or prolonged stagnation for the last two-three years, had worsened even before Corona knocked. As per the industry data, in nine major cities of India, there was a decline of up to 30 per cent in the sale of houses between the months of October to December of 2019.
Some experts say “The sector, which has been struggling for the last five years, recently saw some hope in commercial office projects in some areas of Hyderabad, Bengaluru and Delhi showing a slight increase in sales.”

The arrival of the corona virus has proved to be the last nail in the coffin. Most of the big developers are unable to keep the labour trapped on their sites. Further increase in prices will impact the demand. If we talk about the housing or domestic sector, then it is estimated that there are more than five lakh such flats in India, which do not have any buyers.

According to Rajiv Singh, director-general of the Indian Chamber of Commerce, “In the situation born of COVID19, the estimate is that about 65% of the people will not be able to pay their loans. These are the people who have construction linked plans in homes (loans where instalments are related to construction).”
It is clear that in the present time, dealing with the corona epidemic is the biggest priority not only to India but to all countries. After dealing with this epidemic, what will be the mood, how much recession will be seen on which sector and which industry, it can be a little rushed at present now? But it is certain that its impact on the real estate sector will also be seen, especially in the housing sector.

Story Page