The Impact of Coronavirus on Indian Real Estate and What it Means for Apartment Hunters in Bangalore
The Bangalore apartment market has long been notorious for its myriad scams and shady dealings, not to mention the many underhanded sales tactics by real estate agents. But the discovery of the deadly new Coronavirus (MERS-CoV) in one of the city’s upscale apartments has added an entirely new dimension to this murky business, which previously had little to do with public health or safety… Read on to learn about how the outbreak is affecting real estate in Bangalore, what it means for apartment hunters, and how you can protect yourself from getting infected in your hunt for apartments in bangalore.
The current state of affairs
Construction work in bangalore has been a vital cog in the wheel of India’s economic progress. In recent years, the industry has seen some setbacks from the impact of coronavirus on builders in bangalore. This, coupled with a protracted slowdown across the economy, has taken its toll on the construction sector. The impact is being felt by builders and top construction companies alike as they struggle to secure new projects while managing their existing ones.
Will there be an increase in prices?
Reports state that there will be an increase in prices as a result of the virus, but it’s not clear by how much. Developers will also likely offer discounts to clear inventory. The construction companies that are most active in the region say they haven’t seen any significant change yet. It’s too early to say, said one top executive at a top construction company in Bangalore.
Is this the right time to buy?
It may seem difficult to consider buying property when there is so much uncertainty about the future. However, Bangalore Construction has not slowed down. The lack of new construction projects is more a result of the slow-down in demand caused by the economic downturn than any other factor. In fact, there are many people who are thinking that this might be a good time to buy as prices are low and interest rates remain low too.
When will the market recover?
The market will recover when the government takes the right steps to contain the virus. The government has already taken some measures to help control the spread of the virus, including shutting down schools and colleges until March 31. Unfortunately, these are not going to be enough to eradicate this virus because India’s population is so large and there is such a high risk that people will come into contact with someone who has been infected. People should expect a rise in rents as landlords try to recover their losses from decreased sales.
If you are considering purchasing property or renting an apartment in India, you should do your research to find out how the coronavirus has impacted real estate. This is particularly important if you are planning to purchase a new property that may not be completed yet. You should also consider how these changes will affect your day-to-day life as an apartment dweller, especially if you live near a densely populated area like a city center or college campus.