Latest coronavirus update: Mumbai realty sector takes a big hit

Real estate brokers say that many of their clients have put purchase or lease on the back burner.

Varun SinghUpdated: Tuesday, March 17, 2020, 07:17 AM IST
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Mumbai |

Mumbai: The ripple effect of the coronavirus outbreak has touched the city's real estate as well. If real estate brokers are to be believed, then the virus has already slowed down their business.

Real estate brokers say that many of their clients have put purchase or lease on the back burner. The reason being that none of them want to visit any place because of the fear of getting infected by the virus.

Yashika P Rohiira of Karma Realtors, a Bandra-based real estate brokerage firm, said, "Property deals that were ongoing have come to a halt. Not many want to step out to inspect the property."

Brokers are sending out pictures and videos of the property that the home buyer wants to lease or buy. However, there is still a long way to go to finalise the deal.

"People still love the classical touch and feel method when they have to go for a house. We send pictures and videos, but the prospective buyer will finalise it only when he has seen the project with his eyes and felt the walls with his hands."

Because of the coronavirus fear, not many are stepping out for work that isn't of utmost importance. While buying a house is important, but people can afford to delay it.

For Rishi Dusija, of RR Real Estate, who deals in commercial real estate, many of his clients have asked him put the deals they were going to get on hold for at least two to three months.

Dusija says, "I deal with leasing out places with big corporates and important food chain stores. Many of them are now facing a shortage of customers too.

Also, those who were going to finalise the deals have put them on hold. Two to three clients of mine have asked me to put the deals on hold for at least two to there months now."

Brokers say people are scared to come out, especially when it comes to meeting new people, or going to a new place in the current circumstances.

Even at the sales offices of developers, most sales persons are sitting idle. One such sales representative said, "Things are bad. Not many are turning up. We were expecting that by the end of financial year, we will be able to achieve the target, but now, everything looks grim."

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