As per the MD of AGI Infra Limited and member of Confederation of Real Estate Developers’ Associations of India (CREDAI) Sukhdev Singh, after normalization of the current situation, sales in real estate sector are expected to resume immediately.
Due to COVID-19 pandemic, all the sectors have taken a hit and all businesses across the globe are at a halt. Recently, Sukhdev Singh has shared the consequences of Covid-19 on the real estate sector and blueprint to deal with losses in near future.
The impact of coronavirus outbreak on the realty sector is still evolving. But majorly due to standstill of all construction work, possessions and various other projects are delayed. However, this sector is promising and sales are likely to resume once the situation gets normalized.
“The government support is indeed important to bring the business back on track. A few revisions in GST, stamp duty and registration charges can be helpful. Besides, interest rates can be slashed,” says Sukhdev Singh, MD, AGI Infra Limited.
“There are huge chances that the real estate segment will bounce back expeditiously. During the lockdown, everyone has understood the importance of home as the safest place as no other investment was helpful during hard times,” he added.
Construction activities have been hit to a great extent. Several projects of AGI are put on a hold like AGI Maxima flats, Urbana, and AGI Sky Garden on the GT Road. However, relaxations are expected on various parameters to cover up the delay in projects. Many realty groups are cooperating with investors in terms of paying EMIs or similar things. However, real estate firms are seeking a few revisions in GST, stamp duty, and registration charges as a relief during the hard times.
There are around 1,800 to 2,000 employees associated with AGI and staff is working from home since the lockdown is imposed and focusing on digital marketing campaigns to generate leads. Whereas labourers at different sites are provided accommodation and food at the sites itself and project heads are ensuring their safety. Till now, there are approximately 28,380 confirmed corona positive patients out of which over 6 thousand are recovered and around 886 fatalities are reported. The second phase of lockdown is expected to get over on May 3rd.