State governments need to waive off stamp duty to revive real estate demand, he says. April 2020
CREDAI MCHI has released a research study, titled ‘COVID 19 Impact: Real Estate’, conducted via a survey and research of over 100 leading Mumbai Metropolitan Region (MMR) developer members as well as various real estate experts and professionals. It highlights the impact of COVID-19 or the Coronavirus on the MMR real estate market and showcases a comprehensive analysis of the adverse implications of the virus on the residential, commercial and industrial real estate asset classes.
The pandemic has currently brought the entire industry and the economy to a slowdown, proving to be a force majeure situation. This report attempts to underline the substantial and unprecedented impact that it has had on the sector at large. It further highlights the possible change in trends and individually analyses the extent of COVID-19’s implications on each asset class.
Key findings of COVID-19 impact on real estate
CREDAI MCHI President, Nayan Shah, says “As a leading industry body, CREDAI MCHI stands in solidarity with the government to deal with this natural calamity – COVID-19 and work towards a sustainable long-term solution for the betterment of the economy at large. However, there is no denying that the Indian real estate sector is currently in survival mode. Due to COVID-19 and the subsequent lockdown, the Indian real estate industry, along with its allied industries, are experiencing a substantial slowdown in activities. This report by CREDAI MCHI emphasises the struggles of the sector at this point in time and highlights the impact experienced and anticipated by more than 100 leading developers of MMR and various real estate experts and professionals across MMR.”
Residential real estate developers were hoping for much more than merely extending existing benefits for affordable housing. February 2020