Second wave dealt blow to real estate sector’s slow revival

Buoyed by signs of revival that were seen after the first wave, the real estate sector saw quite a few new launches. But no one expected the second wave of COVID-19 infections to be as vicious as it w

Buoyed by signs of revival that were seen after the first wave, the real estate sector saw quite a few new launches. But no one expected the second wave of COVID-19 infections to be as vicious as it was and that dealt a severe blow, to the extent that the sector’s performance remained a tad poorer than last year for the same period. According to property consultants, new launch activity was significantly higher during Q2 of this year compared to the same period last year as businesses were better prepared. “The majority of the launches were concentrated in east and north Bengaluru, accounting for 46% and 34%, respectively. The mid-end segment accounted for nearly 49% of the launches during Q2 2021, improving marginally from the last quarter. On the other hand, the share of the affordable segment decreased again to 16% in Q2 2021 from 21% a quarter earlier as the preferences of the buyers change for larger spaces,” said an analysis from ANAROCK Property Consultants.