Uncertainty, Caution, Hopefulness - REView Report, September 2020
The outbreak of Coronavirus ‘COVID-19’ brought the global economy at its lowest and it impacted the Indian economic activity too. The real estate sector in India witnessed a major contraction in demand levels in H1 2020. Office space absorption declined by 38% compared to H1 2019 while Residential Sales, by 59%. Remote workings intensified and Business Continuity Plans were triggered. Residential buyers also put their purchase plans on hold in view of the market uncertainties, credit crunch and job concerns. Co-living sector recorded invocation of force majeure clause, rental alterations, lowering of profit margins as well as closure of properties. Warehousing demand was high from the E-commerce sector.