COVID-19 Mayhem: Property prices to tumble, builders and developers worry
The COVID-19 pandemic is creating havoc in the real estate sector
The COVID-19 pandemic is creating havoc in the real estate sector. With the 21-day lockdown period and businesses coming to a grinding halt, it is going to be a nightmare for builders and developers. On the other hand, this is a win-win situation for buyers, considering the sharp reduction. Property rates could be slashed by 10 to 20 percent whereas a 30 percent reduction is expected as far as land prices are concerned. According to a report in January by PropTiger, an online real-estate portal, the country's nine major residential markets have unsold units worth some 6 trillion rupees ($80 billion).
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