Corona virus Impact — Property Sales in Kodaikanal, Ooty and other Hill Stations Down

The outbreak of Corona virus is expected to exacerbate further the weakness of the real estate sector that has already been reeling from the adverse impact of the existing liquidity crumble.

City Real estate at a Glance

The new supply or launches of housing units also decreased by 13% in Q4 2019 comparing to the same period pervious year. Noida, Bengaluru, Mumbai and Thane were the only cities where new launches witnessed growth in Q1 versus Q4 at 9%, 16%, 20% and 4% respectively. However, in the first quarter year of 2020, real estate business property sales have plunged 42 per cent.

Due to the ‘’lockdown extension’’ of the COVID-19 outbreak, both construction and sales activity have come to a complete pull up across the entire real estate sector. The transactions in the real estate sector for the Q1 year 2020 stopped in February.

India’s real estate sector, which supports 250 allied industries and had just been relieving from a long time slump again been dragged into a slowdown. This time, the repercussions could be hard-hitting for the economy. If construction workers start migrating to their villages for an unspecified amount of time, it will be tough to meet project delivery timelines. This could leave many builders and construction in the lurch.

The government of Indian is in the process of analyzing and announcing various measures to bail out the real estate sector but there are many other factors like labor migration, reduced buying capacity of people has a definite role to play in revival of this industry.

Impact of COVID-19 in Hill Station Realty

Against the cities, nature started returning back in hill stations which makes Kodaikanal, Ooty, Nilgiri and other hill stations more clean and attractive than ever. This will be a big plus for the real estate here post COVID 19 and there will be a definite boost in hill station realty, Hills & Wills, exclusive hill station realty expert states.

This pandemic scenario would make people understand that hill station is the place used not only for enjoying the holidays also it but will be helpful for situations like this.

If some people need some space for social distancing, they will try to buy a property on the outskirts of the hill station considering the benefits like

● Spending enjoyable moments at hill station during this time will be quite more comfortable than cities.

● Farm fresh vegetables and fruits cultivated in hill stations will be available to the residents freshly during this pandemic scenario.

Buying or selling a property in Kodaikanal, & other hill stations Ooty, Coonoor, Kotagiri, Gudalur, Nilgiri, Yercaud, Yelagiri, Kolli hills, Valpari is going to be optimistic after this COVID-19 scenario, predicted by Hills & Wills the top realty company here which exclusively deals with hill station realty in a professional way.