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Karnataka: Second Covid wave a bigger jolt to real estate secto
Kemmannu News Network, 30-05-2021 21:00:43
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Print MANGALURU: Real estate business in coastal Karnataka, which was making a slow recovery early this year, is hit with another jolt due to the second wave. Industry experts predict a slower recovery when compared to the first wave. It was only in January that the industry started recovering after last year’s lockdown.
Though construction works are under progress, sale of flats/land or independent houses is not happening. The industry was expecting good business during April-May, which did not happen due to the lockdown.
Former president CREDAI Mangaluru chapter and managing director of Marian Projects Private Limited Naveen Cardoza said that after the first wave, there was renewed hope and people started investing. However, currently, everyone is worried about the infection. We are expecting the industry to recover by the year-end, he said.
Naveen noted that for the time being, investment in new projects may not happen as it would cost 15% more. Further, the cost of construction materials and GST has increased. In the current situation, investments in new projects could be risky, he pointed out.
Meanwhile, distress sales are also expected to rise. Real estate consultant Vivek D’Mello said it’s a good time for buyers as they can negotiate due to distress selling. “However, buyers need to find the right properties and there is no speculative buying like before,” he warned.
Karthik Salian, a contractor, said that he is finding it difficult to arrange labourers. “Majority of the migrant labourers who are the backbone of the construction industry, have gone home. There is a shortage of manpower and we have to invest more to arrange for labourers.”
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