Covid-19 pandemic affects Real Estate Market by dropping 75%

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Housing market slowing down to 75% at around the major cities during April to June due to the outbreak of corona virus pandemic. Developers has been forced to offer discount and better payment plan to uplift the scale as said by property brokerage firms 360 Realtors.

360 Realtors and MD Ankit Kansal held a virtue press conference by addressing Kansal saying that, “400 units were sold during  the month of April, 33% lower as compared to same month in 2019.”

DIGITAL MODES for sales and marketing have been adopted by real estate developers and investment brokerage firm, but forthcoming homebuyers are more caution due to uncertainties.

Kansal said, “On asking about the company operation that company was selling the property worth £ 4,400 crore on behalf of developers and post revenue of £ 180 crore. During the last fiscal year, out of the total sales booking 85% was for housing and remaining was commercial.”

Growth  of 20% has been expected by  20-21 financial year despite the pandemic crisis, he also added , “Housing sale may not insured growth but the share of organized builder and organized broker will increase,  now that the company’s job has been loss the salaries has been reduced to 20-25 % 360 retailers has 1200 employees at present.”

According to the report housing sale in Chennai and Hyderabad plugged at 74% at 996 units. Bangalore witnesses 73% dept. 2818 units from 10,583 units.

Also in Maharashtra the sales of residential property for Mumbai fell from 63% to 2206 units, the demand was totally down also in Pune and Thane cities.

Covid-19 has hit the world economy and hardest in India.

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