Real Estate Sector Staring at Payment Defaults amid COVID-19 Lockdown. The Covid19 pandemic, subsequent lockdown and its impact on the economy have resulted in losses of over Rs 1 lakh crore so far for Indian real estate sector and it continues to rise with each passing day, said Niranjan Hiranandani, National President of realty developers’ body National Real Estate Developers…

The COVID-19 pandemic is slated to have a ‘catastrophic effect’ on India’s troubled real estate sector, which is currently worth around $12 billion. According to the Indian Chamber of Commerce (ICC) release: “The real estate sector, already in a slump since last year, is presently experiencing almost 65% payment default from customers paying the installments linked to construction.” Besides, the…

Several developers in the National Capital Region have requested the Real Estate Regulatory Authority (RERA) of UP, Haryana, and Delhi to delay recovery notices issued to builders by at least six months, in light of the COVID-19 crisis that has crippled the sector. These builders were ordered before the clamping of the lockdown to pay compensation to homebuyers for project…

BENGALURU: Residential property sales dropped by 19% across the top 9 cities in India during the first quarter of 2020 as compared to the last quarter of CY 2019. The new supply or launches of housing units also decreased by 13% during the same period to 50,361 units from 58,049 units in Q4 2019. Noida, Bangalore, Mumbai, and Thane were…