The covid-19 pandemic has hit the real estate sector hard. Aside from the supply chains for building materials being strained and the mass exodus of labour, buyer sentiment has also been impacted.
With many facing job loss or pay cuts, many are shelving their dreams of buying a home in the near future. To facilitate the sector's revival, union minister of commerce and state Piyush Goyal advised developers to stop holding on to high prices, and scale back to realistic prices for construction and sale of properties.
Unlike the share market where you can see the price of a particular share on real-time basis, or a mutual fund where the value of a unit is declared each day, determining a property’s value is difficult.