Lockdown across India cities is impacting nation’s real estate sector, however some of the top builders in Hyderabad have found that home hunt is going on aggressively by the buyers. The lockdown to conquer the pandemic has affected housing sales and also postponed the construction of various real estate projects.
More than 15.62 lakh units, launched between 2013 and 2019, are under construction in metropolitan cities like Mumbai, Delhi-NCR, Pune, Bengaluru, Chennai, Hyderabad and Kolkata.
People are self-isolating them inside their homes and also researching about various projects. Experts at Modi Builders among various other top builders in Hyderabad have witnessed increased traffic on various property websites like 99acres.com, housing.com etc. People are utilizing their time looking for better options to invest in various affordable housing units. With construction activity almost coming to a standstill, realizing the crucial time, investors are carefully monitoring the pros and cons of various units.
Indian realtors are of the view that the corona virus outbreak may not have a major impact on the domestic realty segment. Adverse impacts are mainly restricted to projects that rely heavily on the import of raw material from China.
NCR is also facing a standstill with 4.25 lakh units under construction whereas Hyderabad has over 60,000 under-construction units, while Chennai with around 54,200 units. Both these cities together comprise around 8% share of overall under-construction projects.
Currently, Hyderabad is the only city maintaining strong growth momentum in terms of the area sold. It is the only market that has shown a maximum price compounded annual growth rate (CAGR).
Large residential developers recorded rapid sales due to the ongoing market consolidation early this year. Since the pandemic struck in China in December, it has affected around 458,927 people in 172 countries and over 20,000 people have died. During this time, Modi Builders suggests that it is safer for the agents as well as the clients to isolate and maintain healthy social distancing in order to stop the spread of this virus. As far as construction is concerned, there may be delays but existing projects are still welcoming buyers.
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