‘Real estate hit worse by second wave than first’

About 90% of real estate developers feel that the second wave of the COVID-19 has been more ‘devastating’ on their business than the first one, as new sales and collections have fallen drastically since April this year, as per a survey by realtors’ body Credai.

Most developers (95%) fear project delays because of localised lockdowns across States. The association, which has about 13,000 members in various States, released a survey of its 4,813 members from 217 cities, conducted across the country between May 24 and June 3 to assess the impact of the second wave of COVID-19 on the real estate sector. Labour shortage, financial constraints, approval delays, increased construction costs, and weakening customer demand are key challenges highlighted by developers.

About 95% of builders said customers had postponed purchase decisions due to the second wave.