Indian Economy is now facing an unexpecting situation, as the coronavirus pandemic enforced the lockdown. The real estate market has witnessed an important price surjection for the first time.
Chief executive of real estate consultancy firm Liases Foras, Mr Pankaj Kapoor says that Property prices are expected to down by 10-20% regarding geographical area but in other hand, land prices are going to decrease to 30% also.
In the last year, a liquidity crunch turns the entire situation in the worse scenario. Developers and property buyers are forced to offer discounts to the companies also. But now there will be steeper cuts.
So, it is clear, that any buyer wants to do the deal, the price must be reduced. The situation is very much ruthless that it will effect over the four to five years worth of real estate inventory across India.
Despite the initiative of the government to find out the solution for the stress in the real estate market, numerous projects are locked down, deficient funds or buyers.