The novel corona virus (COVID-19) outbreak has tremendously impacted businesses all around the world. Talking about the real estate industry, the first three months of pandemic brought construction activities to a halt and the realty sector had to face the toughest times ever. Property transactions dipped to near zero during the first nation-wide lockdown between March and June 2020.
As per the private real estate consultancy Anarock’s report, the sale of residential property in the top seven cities of the country (MMR, NCR, Bengaluru, Chennai. Hyderabad, Pune and Kolkata ) pushed down to 12,720 units in Q1 of 2020, as compared to 68,000 Units in 2019. The NCR saw the sales of only 3,620 units since the pandemic spread its wings in the country. But as the light exists at the end of the tunnel, the real estate sector has started seeing recovery after lockdowns are over.