MEDIA COVERAGE
March 27, 2020
Real-Estate market face challenges due to Corona Virus Pandemic
Rakesh Reddy, Director, Aparna Constructions, For 99acres
The outbreak of Corona Virus in India has led to a nation-wide lockdown, halting all the ongoing businesses. This has a severe impact on the Real Estate Market too, which is described in detail by our Director Mr. Rakesh Reddy, in a recent conversation with 99 acres.
- Impact on construction activities: In the short term, construction activities are put on a halt to avoid the spread of the virus. But once the pandemic dies out, the sites will resume construction.
- Current demand from homebuyers: With everyone constrained to staying at home, the calls and site visits from home-buyers have decreased drastically. The demand is not expected to rise again before the lockdown.
- Impact on property sales in Hyderabad: Fortunately, the slowdown of the residential market around the nation has not affected the sales in the city. Hyderabad has witnessed a relatively higher demand when compared to the other cities.
- The slowdown of the retail market: As malls and other retail outlets have been shut down due to the pandemic, there has been a temporary slowdown in the market. But it is expected to recover quickly after the lockdown ends.
Mr. Rakesh Reddy’s insights show us that the market is facing a temporary slowdown, given the ongoing conditions. But once everything reverts back to normal, he expects the momentum to pick up the pace again. To read more details, visit:
