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Realty recovery face challenges amid 2nd Covid Wave

May 27, 2021
| By: GOPI
| Source Link: Click Here

The real estate sector, which witnessed gradual recovery after total halt in the first wave of Covid-19 and resultant lockdowns last year, is again witnessing a slowdown in the current Covid crisis across the country.

Sales and construction in the sector have come to a near halt. Developers and experts have sought relief amid these tough times including additional liquidity support.

Axis Ecorp CEO & Director Aditya Kushwaha said: "Just when recovery was in sight, the second wave has derailed the growth momentum for the real estate industry."

He suggested that proactive measures that can cushion the impact on the industry such as loan restructuring, interest moratorium, and additional liquidity support should be considered by the RBI.

According to Kushwaha, real estate companies are facing challenges to give timely deliveries of their ongoing projects and on top of it, new launches have been put on hold

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