The construction industry was in an upbeat mood in January 2021 to February 2021, the down fall began by March beginning, marking the end of the swing. Expecting the unexpected the sellers/builders started marketing the properties in a frenzy, even the ones, which did not have anything, except the brochures. Many buyers are already in the hook.
The market is expected to crumble in the coming months as the Covid-19 is taking its toll.
As on date, the buyers, who had paid advance or agreement money might buy the properties and those lucky ones, who were planning and did not venture, will not buy or even dream about it, till there is a clear picture of the economy and the Covid-19.
As per the reports, there may be a 3rd Wave by August, Sept, Nov & December and worst is expected, but it may not come or it may not affect at all. But, it is better to be careful.
The queries for the properties almost fell by 80% in the last 15 days, beginning from April,15 to 30 April,2021, the trend might continue till the end of 2021.
The financial institutions have also extended the term of repayment by over a 12 months in many cases, at the same time, default in the EMI Payment has gone up by 25%. Few Housing Finance companies or institutions are under watch from the regulator, which were disbursing huge amounts for this sector, has put this industry in a bind.
Few FRAUDSTERS, are marketing the properties/sites in the outskirts of the city, by placing advertisements in the Net, Social Media, News Papers, WHICH (PROPERTY) does not exist at all. It is a proposed project at the cost of the buyers. They do not have any property in their name. There are few female agents on the internet. Various groups are involved in this activity.