Mumbai (Maharashtra): The COVID-19 outbreak, which has been creating havoc in the entire country, has also adversely affected the real estate sector in Mumbai. Customers have turned their backs towards buying homes and it seems that the real estate sector, which is already facing recession, might not get a chance to recover in the Gudi Padwa season too.
The sector has been facing a slack due to recession for the past few years. Though there exists a demand for homes by customers, the buying and selling activity has been slowing down for the past few years as affordable houses are not being made available to them.
The note ban and implementation of GST have severely hit the sector already and slowdown has been tightening its grip. However, the real estate sector gets an opportunity to overcome slowdown and has scope for recovery on the three most auspicious 'muhurats' in the year - Gudi Padwa, Akshaya Tritiya, and Diwali Padwa.
Many people in India believe in buying or taking possession of homes on the auspicious day of Gudi Padwa. Every year, activities like buying, selling, and registration of homes see a considerable rise during the Gudi Padwa week. Many builders even start new projects on this auspicious day.
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This year, however, many people have preferred to confine themselves to their homes due to the fear of coronavirus. The situation is expected to continue for the next few days as well. Customers have been avoiding important tasks, so it is highly improbable that they will come out to purchase homes during this time.
Activities like inquiries about new property, registration, and possession of homes have come to a standstill, said Anand Gupta, spokesperson of the Builders Association of India. The builders have decided not to inaugurate any new project this Gudi Padwa, due to the coronavirus fear. For the first time, not a single project will be started due to a viral disease, he further explained.
Meanwhile, many offers have been declared by developers to attract customers on the occasion of Gudi Padwa. However, the offers are proving useless as people have not been coming out of their homes.
However, experts in the real estate sector have also expressed hope that the gloomy clouds of coronavirus will eventually clear, and businesses, including construction, will get a boost in the future.
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