Property prices in India are likely to register a significant "price correction" in the wake of the coronavirus pandemic, as businesses across the nation face disruptions amid the ongoing lockdown, news agency Reuters quoted several industry people as saying. Real estate consultancy firms as well as builders have been quoted as saying the United Kingdom-headquartered news agency that real estate prices could go down by as much as "10-20 per cent" and the market could transform itself into a complete buyer's one in coming days.
Pankaj Kapoor, the chief executive of real estate consultancy firm Liases Foras, was quoted as saying that not only the property prices, but even the land prices could register a reduction of as much as "30 per cent."
"... if somebody really wants to do the deal, they have to reduce prices,” Ram Raheja of S Raheja Realty in Mumbai reportedly told Reuters.
Ashok Mohanani, vice president of the real estate industry body NAREDCO, was quoted as saying that the overall effect could mean squeezing of profits for the real estate developers, in what was an already struggling market.
The news agency noted that report from online property sales firm Proptiger had claimed the country's nine major residential markets had unsold units to the tune of $80 billion.
As of April 2, India witnessed a total of 1,965 cases of coronavirus, including 50 deaths.