Mumbai, Delhi property purchases see huge drop in current condition

The Covid-19 is yet another black swan moment in India’s residential real estate market which will lead to further dip in sales and postponement of launches, brokerage firm ICICI Securities said. “Since early March 2020, the Covid-19 scare has led to buyer footfalls falling off dramatically in the largest markets of MMR (Mumbai Metropolitan Region) and NCR and to a lesser extent across South India. The prospect of falling sales in ongoing projects and deferment of upcoming launches threatens to become the next Black Swan for an already weak residential market,” it wrote in a report last week. The report said the impact has been most drastic in Mumbai and Delhi, while the situation in Bengaluru is slightly better. And it is expected to be further exacerbated now as the country is asking citizens to avoid stepping out to prevent the spread of the pandemic.