Saturday, Apr 27 2024 | Time 02:52 Hrs(IST)
image
Business EconomyPosted at: Dec 29 2020 2:44PM


2020 tough year for real estate sector due to Covid-19 pandemic in country: Dhruv Agarwala

Hyderabad, Dec 29 (UNI) Year 2020 was a tough year for the real estate sector due to the COVID-19 pandemic in the country, said Dhruv Agarwala, Group CEO of Housing.com, Makaan.com and Proptiger.com.
After the first two months of January and February, housing sales were adversely impacted until September because of the lockdown and negative consumer sentiment, said Agarwala in its report on overview 2020 and outlook 2021 for the Real Estate Sector, on Tuesday.
''Our study showed that home sales were down 54 per cent during the January to September period this year as compared with the corresponding period in previous year'', he said. However, sales started to recover from October onwards on account of pent up demand as well as a seasonal upswing in demand because of the festival season.
In fact, sales were higher in October and November on a year-on-year basis in some cities like Mumbai and Pune, driven by stamp duty cuts by the Maharashtra government, but still, housing sales in 2020 across major cities will be lower than the previous year, he revealed.
''We expect that the increase in sales seen since October will gain further momentum in the coming months on account of low-interest rates, stagnant housing prices, and attractive offers by developers'', he said.
Demand in 2021 is likely to recover to 2019 levels and may even surpass it if there are no unforeseen negative events, he said..
On the positive side, while the pandemic hit sales, it accelerated the much-needed adoption of digital tools in Indian real estate and led to a record increase in online traffic to digital real estate platforms. Moreover, the forced work-from-home environment because of COVID-19, boosted housing demand in tier-II and III cities, he added.
UNI KNR SB 1442
Please log in to get detailed story.
Tags: #2020 tough year for real estate sector due to Covid-19 pandemic in country: Dhruv Agarwala
More News
Sensex nosedives 609 28 pts

Sensex nosedives 609 28 pts

26 Apr 2024 | 5:26 PM

Mumbai, April 26 (UNI) Snapping a winning streak of last five sessions, the BSE Sensex on Friday, the last session of the week, tanked 609.28 pts to settle at 73730.16 amid mixed global cues.

see more..
Maruti Suzuki net profit surges 48 pc to Rs 3,878 crore in Q4

Maruti Suzuki net profit surges 48 pc to Rs 3,878 crore in Q4

26 Apr 2024 | 5:00 PM

New Delhi, April 26 (UNI) On the back of solid volume growth, the country's largest carmaker Maruti Suzuki on Friday reported 47.80% jump in standalone net profit at Rs 3,877.8 crore for January-March period (Q4) of financial year 2023-24.

see more..

Shriram Finance net jumps 57 pc to Rs 2,021 cr in Q4

26 Apr 2024 | 3:52 PM

New Delhi, April 26 (UNI) Shriram Finance on Friday reported 56.91% year-on-year jump in consolidated net profit at Rs 2,021.28 crore for the January-March period (Q4) of financial year 2023-24.

see more..
Maruti Suzuki gets show-cause notice from Legal Metrology dept

Maruti Suzuki gets show-cause notice from Legal Metrology dept

26 Apr 2024 | 2:39 PM

New Delhi, April 26 (UNI) The country's leading carmaker Maruti Suzuki India on Friday said that it has received a show-cause notice from the Legal Metrology office in Rishikesh, Uttarakhand.

see more..

Onkar Kanwar gets Lifetime Achievement Award

26 Apr 2024 | 2:08 PM

Kochi, April 26 (UNI) Chairman of Apollo Tyres Ltd, Onkar Kanwar, has been conferred with the Lifetime Achievement Award at the All India Management Association (AIMA)’s Managing India Awards ceremony.

see more..
image