Residential brokerage firm Enrock said on Tuesday that captives across the country would affect the sale of residential properties due to the Coronavirus epidemic and delayed completion of projects already underway. The consultancy firm said that over 15.62 lakh units (commissioned between 2013 and 2019) are under construction in seven major cities of the country.
Projects will be delayed
These cities are Delhi-NCR, Mumbai Metropolitan Region (MMR), Kolkata, Chennai, Bangalore, Hyderabad and Pune. Of these, only the Mumbai metropolitan area and Delhi-NCR alone account for 57 per cent or about 8.90 lakh units. Enrock said that due to the lockout announcement in these cities by March 31, home buyers should prepare themselves for delays in projects.
The financial condition of Developers will be affected
In this context, Prashant Thakur, director and research head of the institution, said that due to the closure, there will be almost no work in many major project sites. This will also affect the financial condition of the developers and will reduce the number of home buyers.
Lockdown in India
It is known that lockdown has been done in All states to deal with the coronavirus crisis. While curfew has been imposed in four states. Despite this, from Delhi to UP and West Bengal, people were seen buying goods from the market simultaneously. At the same time, many cases of coronavirus were reported from many states even today.