Real Estate Sector
Finally, the real estate sector outlook has also suffered immensely due to the lockdown, which was announced to prevent the spread of the deadly Covid-19 virus. ANAROCK Group in a report last month said,
“housing sales will fall 25-35 per cent while office absorption will fall in the range of 13-30 per cent on a year-on-year basis.”
In the long run, such a reduction in commercial and residential property could reset the future of real estate in India.
This has led to unemployment among millions of migrant labourers in India, who are engaged primarily in construction activities. Hardly anyone of these labourers, who live on daily wage, have additional savings to see off the lockdown period.
The government has urged employers to not cut wages or lay off such labourers, reports suggest that companies are left with no choice but to let their workers go due to cash flow issues.
