How Real estate Industry largely affected by the COVID-19 Pandemic?
Indore has turned into hotspots for COVID-19 cases in Madhya Pradesh and is largely affecting different sectors and industries. According to the survey, the cases are constantly increasing and the virus has captured 26 districts out of 52 in Madhya Pradesh.
The influence of Pandemic can be seen in the construction industries where around a thousand residential and commercial structures were to be designed and constructed and developmental projects were planned for the upcoming year 2021.
However, the global lockdown has restricted all the workings of the 2021 master plan under the Indore Development Scheme. The affected industries have not confirmed the figures and state that it will be possible to get an estimated figure only after a physical survey that cannot be practiced until the lockdown is imposed.
The Indian real estate industry has put the construction work on halt and owners are not taking new projects as the industry is suffering from the global pandemic.
The construction business needs massive machinery, steel, and other raw material needed for construction that are heavily dependent on Chinese imports.
The business sentiment has been severely affected and the outbreak has created severe uncertainties regarding trade and imports worldwide. The real estate industry is facing significant circumstances as the traders are unable to visit different countries to flourish trade, the constructors and unable to visit construction sites and workers are restricted to work due to the problem of spreading infection.
The current situation will be mainly affecting the prices of steel as well as raw materials using in the construction industry. This will indirectly reduce the construction activities of ongoing real estate projects and will face difficulties in obtaining raw material even if the lockdown is suspended.
The real estate industry is facing some major challenges :
Increase in the cost of construction
Hike in prices of steel and raw materials
Property prices are fluctuating
No new trades or construction projects
Affecting buyer sentiment
Panic selling by a shareowners
Average selling prices increased in different cities.
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