Corona Fits Realty Sector Hard, Hyderabad Worst Hit

Fri Mar 27 2020 19:54:36 GMT+0530 (IST)

The Corona lockdown has deeply and severely impacted the realty sector across the country and more so in Hyderabad, one of the biggest realty hubs in the country. According to the latest report from the real estate brokerage organisation Anarock, the sales in the January-March quarter have come down by a staggering 42 per cent compared to the same period last year.

Hyderabad, which is the hub of reality activity, has seen an unprecedented 50 percent fall in the sales.  As for the sale of constructed residential structures, there is a fall of 24 per cent when compared to the first quarter of 1919. With the sales spiralling down, a large number of projects have been withheld and several constructions have been postponed. Anarock says that the reality sector sales have fallen down by 41 per cent in Delhi, 42 per cent in Mumbai and Pune, 45 per cent in Bengaluru and 36 per cent in Chennai.

The realty sector has been witnessing lot of turbulence during the past five years. Demonetisation has severely affected the sector as the flow of black money into the sector has been severely curtailed. The imposition of GST on the real estate sector too has been quite a dampener. Now the Corona-induced lockdown is threatening to hit the sector further.