About 90% of real estate developers believe the second wave of COVID-19 was more “devastating” to their business than the first, as new sales and collections have fallen significantly since April of this year, according to an agent survey real estate. ‘Credai body.
Most developers (95%) fear project delays due to blockages located across states. The association, which has around 13,000 members in various states, published a survey of its 4,813 members from 217 cities, conducted across the country between May 24 and June 3 to assess the impact of the second wave. of COVID-19 on the real estate sector. . Labor shortage, financial constraints, approval delays, rising construction costs, and weakening customer demand are the main challenges highlighted by developers.
About 95% of builders said customers postponed purchasing decisions due to Wave 2.