COVID second wave hits demand for real estate
The Hindu
New launches declined by over 90% after March, says report by website
The second wave of COVID-19 caused a mighty blow to real estate in the twin cities with new launches declining by over 90%, enquiries having dipped by 30% and sales plummeting up to 90% post-March onwards, said real estate website ‘99acres.com’ in a report released on Wednesday. “The economy went through a tumultuous time in April-June battling one of the biggest healthcare crises ushered by the unprecedented second wave of COVID-19. Like most sectors, transactions in the real estate market too came to a grinding halt in April with lockdown restrictions across the country,” said chief business officer Maneesh Upadhyaya. January-March quarter witnessed site visits, home enquiries and sales volume going up in both new home and resale segments but April and May recorded a dip in numbers unheard of. Owner listings, too, saw a 5% de-growth but home enquiries picked up in June with active COVID caseload reducing and lockdown restrictions dropped.
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