Real estate sector hit as Covid disrupts housing sales, project launches

The second wave of Covid-19 has put brakes on the recovery of the real estate sector. Property consultants suggest that sales have started falling since April and the situation is likely to worsen if the situation does not improve.

Economic activity in many states has been hit hard due to the second wave of Covid-19 in India and some important sectors have started facing losses due to the prevailing situation. Real estate is one such sector that has been affected. For a sector that staged an impressive recovery after the coronavirus pandemic in 2020, the second wave came as a rude shock. There has been a dip in property sales, new project launches and commercial rentals since last month due to semi-lockdowns and other localised curbs imposed by states to contain the virus spread. Read | Covid derails economy: 5 sectors that have been hit hard