THE EFFECT OF COVID-19 ON PROPERTY RATES & PRICE TRENDS IN FARIDABAD
European Journal of Molecular & Clinical Medicine,
2020, Volume 7, Issue 10, Pages 3649-3659
Abstract: COVID-19 has killed more than 7.55 million individuals around the world and taken 4.887 million lives around the world. When the World Health Organization (WHO) proclaimed on March 11, 2020 a global epidemic and pandemic, opinion from multinational businesses are seriously impacted and the view is largely pessimistic. The disease has created tremendous confusion for exports and imports not just in China but also in the region. The real estate business in India aren't exempt. Also, as India's embargo duration extends two months and no specific rules are in effect to restart foreign flights, merchants may not be able to visit China anytime soon. This would impact the price of the steel and other products used in the building sector in India. However, if all constraints are lifted entirely, the challenge of sourcing raw materials implies that building activities will decline over the coming months for existing real estate ventures. Amid increasing building costs and speculation over the relocation of workers from their towns to big cities after closing, land prices are likely to bounce back due to sellers' emotional loss and the fear they are selling to certain resale market owners. The introduction of new ventures is supposed to be delayed until the holiday of October, so it is doubtful that they can add sufficiently to raise the average sales price in each region. COVID-19 outbreak sometimes makes us feel that this situation is quite favorable for those who are eagerly waiting to buy a new property in Faridabad Region. Although experts of the market are saying that it is early to anticipate the extent of crash or correction in real estate prices. But we can even be greatly benefited if there is a price decline of 10%. If property rental is concerned, it can be said that the NCR region has yet not seen any observable change. A market survey suggests that the average rentals in established micro markets of Faridabad remained the same or have even seen a 1-4 percent increase in Q1 2020 as against the corresponding period in 2019. Faridabad is also no exception. In this article we investigate the impact of Covid-19 on house prices in the developed town of Faridabad and the purchasing or rent of cheap items in the same region.
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