Housing sales are projected to decline 35 percent in 2020, 30 percent in demand for office space

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New Delhi, Apr 02 Apr 2020, Thursday

While the Corona epidemic has stagnated the country's economy and threatens to create widespread unemployment problems worldwide, a major negative impact of the epidemic is projected to fall on real estate nationwide. Seven metros in the country are likely to witness a 35% reduction in housing sales in the current year 2020. Which can have a negative impact on both residential and office spaces. So the real estate that has been experiencing the recession for the past few years is estimated to have an even bigger impact on Corona.

India's office leasing is estimated to decline by up to 30%. From 400 million square feet of space in 2019, office space leasing is projected to decline by 30 percent to 280 million square feet in 2020 this year. In addition, the retail area is also estimated to decline from 85 lakh sq ft to 64 lakh sq ft. Anarok Property Consultant, a property consultant, estimates Indian residential real estate was already facing problems due to slow demand and liquidity crisis for some time.

Anarchy Property Consultant in the Covid-19-Impact on Indian Real Estate Report says the residential and real estate business will be a major blow to this epidemic and the resultant nationwide lockdown.

In the base case, Delhi-NCR, Mumbai Metropolitan Region (MMR), Kolkata, Chennai, Bangalore, Poona and Hyderabad reported sales of 25 per cent to 1.96 lakh houses in 2020, compared to 2.61 houses sold in 2019. In the downside case, housing sales could fall by 35 per cent to 1.7 lakh houses.

In addition, the supply of new houses may also decrease by 25 to 30 percent this year on an annual basis. In the year 2019, it was 2.37 lakh houses. In addition, commercial real estate also cannot be excluded from the impact of Covid-19. Retail businesses, dependent on consumer spending, can also show a slow growth with global brands' declining interest and rethinking of business expansion plans. Anaroc estimates that office space leasing is projected to be 350 million square feet in 2020 compared to 400 million square feet in 2019, and 280 million square feet in worse cases.

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