BENGALURU: The city has witnessed a dip in real estate prices during the Covid pandemic and the focus has shifted to medical exigencies, states the quarterly Insite report released by 99acres.com.The rise in Covid infections shifted the focus of families to medical exigencies, which shelved any real estate deals for the time being. Restrictions on movement amid lockdown till mid-June also drastically brought down site visits, the report said.
Maneesh Upadhyaya, Chief Business Officer, 99acres.com said, “The Indian economy went through a tumultuous time during April and June 2021 while battling the pandemic. Like most sectors, transactions in real estate market too came to a grinding halt in April with lockdown restrictions.” There was a revival in the January-March quarter, which witnessed site visits, home enquiries and sales volume going up in both new home and resale segments. But during April-May, the sector recorded an unprecedented dip in numbers. As people battled for medical care, sale and purchase of homes was put on the backburner, he added.
The report pointed out that the fear of delay in construction of ongoing projects also resulted in a steady demand for ready homes, especially resale homes, during April and June 2021. Developers concentrated on attracting potential buyers in ready and under-construction segments by offering various discounts such as 20:80 payment plan, flexible booking amount, zero cancellation fee, free car parking or interiors, and EMI waivers. These incentives did little to attract buyers.