what is Impact of Coronavirus on residential real estate in India?
Coronavirus has literally stopped the wheels of the economy and there is a complete halt in terms of business across industries. Everything under the non-essential category has shut shop and even the essential commodities are strained due to the restrictions on movements of vehicular traffic.
The residential real estate was a sector that was slowly hopping back to normalcy at the end of 2019 and moving into a positive phase. The COVID-19 has knocked back this progress and has pushed residential real estate into a state of weakness. The economic slowdown has put everyone including banks and financial institutions in a liquidity crunch and we cannot expect large purchases at a time like this. Banks have been asked to place a moratorium on loans of individuals and companies, thus making it harder for them to process further loans.
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