Covid-19 Impact on realty will be severe for 6-12 months
With Covid-19 pandemic crippling the economy and taking heavy toll on every key sector, real estate is obviously not immune to it as operations in the sector came to a standstill across the country. In this backdrop, a KPMG report reveals that the impact of pandemic and subsequent lockdown will be severe for next six to 12 months. As consequence, realty companies and developers will be forced to contract operations, revisit planned developments, expansions, and investments across the sector.
The report titled Covid-19: React, adapt and recover - The new reality: A perspective on the Indian real estate sector' estimated that the country's key sector is likely to lose Rs 1 lakh crore by end of the current fiscal year.