In this current scenario, it is essential for all the companies to “nimble and Lean”. Post coronavirus the face of many industries, including real estate, will be changed. Real estate contributes 10% into total GDP, and more than 257 other are associate and dependent on it.
Corvid 19, Will press restart button for many industries. Real estate market was already suffering from liquidy Crunch.
Prices of plots and lands will go down. Even the rates of high end flats will go down too. But the affordable house and midrange flats will retain their rates..
The business situation cannot be rectified without government interventions. Government, as well as RBI, should give moratorium period of at least one year to all the real estate developers who have borrowed the money from banks as well as it should have taken some corrective measures and lower down the criteria of giving loans.