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Only 22% bookings done in Feb-Mar2020

04 Apr 2020

Property booking numbers Lowest of past decade:

According to the developers survey, In Mumbai Metropolitan place home bookings happened only around 22% in the duration of February-March 2020 over the month of January and it also shows the impact of Covid-19 lockdown that has cut down the sector's demand. Even walk-ins got in were only around 20% month-on-month in 28-30 days, that is the 3rd week of March month. 

Effect on Real Estate sector:

Currently because of this impact of coronavirus lockdown, the real estate sector and other industries which are working together are facing a powerful slowdown is some of their activities. Real estate is called the 2nd highest as well as most expensive sector but because of this present situation it has been freezed and indicates the impact of Covid-19 disturbance that has also weakened this sector and even fighting for a liquidity crisis and low demand.

Survey of Property Buyers:

According to the survey report, it shows that under construction apartments have experienced a sudden decrease in it. Property buyers have not allowed payments because to confirm it that in this present situation of lockdown so the work has stopped and as payments are linked with construction stages. As the survey was performed in February month of last week and 3rd week of March 2020, that was before the national lockdown so then the central bank allowed postponement on loans but shutdowns were already declared by Maharashtra. In this case of lockdown, not only the residential sector is suffering but also commercial tenants may postpone lease resumptions and try rent-free periods.

As compared to last 2 years bit improvement of the year 2016-2017 and 2018-2019, so it is expected that residential demand may be reduced in the year 2019 & 2020 

“Demand-side risks combined with rising uncertainty over credit availability for the sector in the light of recent financial market meltdown and increasing risk aversion could add to the refinancing as well as liquidity risks for the sector,” India Ratings said. The ratings agency expects the unsold inventory levels to remain stable at around 14 quarters in the current and next financial year, supported by limited launches and deferment of launches in view of COVID-19.

Following are important points of the survey:

Residential Real Estate: 

  1. Residential bookings have dropped 78% from the month of February last week to March third week as compared with January 2020. 

  2. Sudden fall in collections of home loan in the month of March as compared with January. 

  3. Complete walk-ins fell about 80% in one month & a total number of 7,766 confirmed scheduled site visits were cancelled because of this present situation of COVID-19.

  4. Cancellations arised 200%  in the third of the study.

Commercial Real Estate:

  1. Pre-commitments will form an important part of rent out in the 1st half of 2020. 
  2. Present tenants might postpone rent out renewals to the 2nd half of 2020 and till lockdown would bargain rent free periods.

  3. As the supply chain of vendors is disturbed so construction of office spaces might also get postponed.

  4. Long term effects would be faced by co-working spaces.

 Industrial Real Estate:

  1. Due to this current situation of lockdown, it will unfavorably affect the operations of industries & quick investments in industrial properties.
  2. The total effect on the industrial assets will be less and recovery will be comparatively faster than other real estate asset classes.


  1. As there is huge demand and stability in Indian office market, investments will be constant except for a short period of time. 

  2. With Embassy REIT giving almost 48 percent return until the market crashed in the first week of March, India will witness an increase in investments as investors are still bullish about the office assets in the long term.

Problems of Labours:

The most important and high employee based sector is real estate and they are facing issues like what will happen to company margins if their workers are on payrolls as well as it would be difficult for them to get their workers back who have migrated to their own homes in the absence of work.

According to some premium developers of Mumbai, most of the human resources are still involved at construction sites, it is said by them instead of keeping workers in 'lockdown', so giving them work will help them to get busy in their works and even it will help to avoid major economic losses that would cause because of work stopped at construction sites.

As a result, there are many workers who have migrated to their places and as trains have stopped running due to this issue and even state borders are sealed so workers will face problems while coming back. Thus, to get back workers should not be a problem after the lockdown is completed.

Search for your dream home on 3BRICK now. is a Real Estate Portal where property buyers can search for property and submit their offer price against the builders quoted price.


Top preferred locations in Mumbai region by Home Buyers are as below:

South Mumbai - Worli, Mahalaxmi, Byculla, Marine lines, etc.

Central Mumbai - Dadar, Powai, Ghatkopar, Mulund, Thane, Vikhroli, etc

Western Suburb - Bandra, Borivali, Kandivali, Malad, Goregaon, Andheri, etc

Navi Mumbai - Airoli, Chembur, Vashi, Ghansoli, Koparkhairne, etc

Outskirts of Mumbai - Kalyan, Dombivali, Virar, Panvel, etc


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