The wait to own that new house just got longer
Existing homebuyers face risks of delay and default as covid-19 hits real estate sector
It will take 30 to 60 days to re-initiate any activity at construction sites even after the lockdown
The covid-19 pandemic has taken a huge toll on the real estate sector with construction activity coming to a grinding halt. Though developers have been allowed to resume construction in a few non-containment districts, the damage is already done. The worst sufferers are, of course, the homebuyers who are waiting for the possession of an under-construction house or are planning to buy a new one. Here are some consequences they should prepare for.