COVID-19 Real Estate market has impacted due to Lock down. We look at what home buyers and sellers can expect from Hyderabad’s real estate sector, in a post-Corona virus world
RERA Licensed Real Estate Agent in Hyderabad
The Corona virus pandemic, which is likely to erode trillions of dollars of wealth. As a result, it exacts huge human loss upon the world. Likely, to reshape property markets as we know them. Here’s a look at what we can expect from India’s real estate sector, in a post-Lockdown world.
COVID-19 Real Estate Lockdown -Site visits to fall
Prospective buyers would carry out a large part of their searches and research online. However, Once they shortlist a few properties, they may undertake a physical visit of the sites. As a result, they can take the final call. If anything, sellers and developers have a reason to be happy about this likely change. Meanwhile, as those visiting the property are likely to be genuine buyers. Subsequently, who are in the last leg of making a decision. In addition, This also saves a lot of time and energy for all parties concerned.
Will property prices rise?
In case, you expect housing prices to crash in the backdrop of the Corona virus scare. On the other hand, you may be disappointed. Therefore, as a result, Building and development may become costlier for builders. Above all, amid likely delays in supplies and government approvals. Consequently, This would reflect in pricing, as well.
For a variety of others reasons — primarily springing from the fact that even the top-rated developers in the country are already under tremendous monetary pressure, because of an ongoing slowdown in the housing market — chances of property prices dropping will be slim.
Home buyers may have to wait for longer for the delivery of housing projects. Meanwhile, that were scheduled to be completed in the coming months. While, construction activity has come to a halt for now. Further, it is also not likely to pick up much speed even after the country is able to afford some normalcy. This situation might also force builders to ask for the Force Majeure clause on delays.
