How Coronavirus has changed the working of the sector
Rakesh Reddy, Director, Aparna Constructions, For Commercial Design
The outbreak of Coronavirus was expected to die out, but it has turned out to spread globally, affecting various sectors. As the real-estate sector faces a slowdown, our Director, Mr. Rakesh Reddy shares his thoughts and observations on the same. Here are a few important takeaways:
Challenges due to the long duration of the pandemic: As the pandemic began, the realty sector remained stable and the impact was minimal. However as the lockdown kept increasing and the pandemic continued to spread globally, it seems to have had a prolonged effect on the real estate sector.
Impact on the commercial sector: As the lockdown has forced the consumers to stay indoors, the sales have dropped, leading to a slowdown in the commercial sector. As real-estate projects cater to commercial spaces, this can impact the real-estate sector too.
Delay of under-construction projects: The lockdown has led to the temporary halt of the ongoing construction projects due to the unavailability of workers. This delay can affect the growth of the real-estate companies and cause a slowdown in the sector.
To know more about the expected changes that COVID19 brings, read the full article here:
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