Nearly a half of landlords have not increased rent during lockdown, according to a survey report
Majority of the owners who want to rent out their property expect the rental prices to go down
NEW DELHI :
Amid the coronavirus related lockdown across India, most landlords are being kind to tenants who are suffering from financial stress, according to a survey report released today. Around 16% landlords waived off rent for two months while another 41% provide extension on rent payments, a survey by online real estate portal 99acres.com says.
The portal conducted a study amongst brokers and owners who want to rent out or sell their property to understand the impact of COVID-19 on their behaviour, preferences and expectations.
The survey found that most of the landlords are extending a helping hand to the tenants -- 44% have not increased the rent, 41% are giving more time to their tenants to pay and 16% have waived-off the rent for up to two months.
Despite the sluggish market, 76% owners are still looking for renting out their property whereas 24% have postponed the search for tenants. Majority of the owners (54%) who want to rent out their property expect the rental prices to go down, while only 11% are anticipating a rise.
Despite the stagnant market, 80% of the owners said they will continue to look for prospective buyers while 20% have postponed their selling plans. 45% of the owners who are trying to sell their property expect the prices to fall, while only 10% are anticipating a rise. The balance 45% anticipate no change in prices.
On the demand for real estate after lockdown ends, 57% of the brokers fear that the market will go down while 29% are uncertain about future changes. Almost 50% of the brokers who predicted a major slowdown suggested that the demand will take more than two quarters to revive.