Mangaluru: After staging recovery, real estate sector badly hit

Daijiworld Media Network - Mangaluru (SP)

Mangaluru, May 26: The real estate sector was staging a recovery and had almost returned to normalcy when the coronavirus second wave came like a bolt from the blue and delivered a deadly blow. Even though construction activities are continuing, the uncertainties created by coronavirus infection have cast a pall of gloom on the property purchases.

The real estate sector, after the lockdown last year, had shown signs of regaining its vibrancy in the month of November last. It continued to thrive till April this year and the trend had shown an inclination to acquire flats among the buyers. As people who came from other countries and states and others who continue to reside in foreign nations showed interest to acquire flats in the city, the market was looking up. Therefore purchases as well as enquiries about the flat had shown good improvement.

Currently over 200 construction projects, both residential and commercial, are under different stages of construction. In the current lockdown, construction activities are allowed to be continued. Therefore, construction is underway by utilising the services of available labour.

Uncertainties have destabilised the sector because of the intensity of the second wave and the prediction that the third wave will hit the country in a few months from now. These developments have affected the marketing sector and people are dithering from investing in this sector for the time being. This has negatively impacted the real estate sector.

Registration blues

Because of the lockdown, all registrations in the offices of the sub-registrar have come to a standstill. There are nine sub-registrars offices in Dakshina Kannada and seven in Udupi districts. All registrations for property, flats, shops, etc have remained suspended. Dakshina Kannada used to witness from 150 to 200 registrations every day. The government used to earn about Rs 1.5 crore every day on account of these registrations. As the offices have been closed, the real estate sector has been adversely affected. If the sale and property registration pick up, real estate sector will get a better inflow of cash.

President of the Confederation of Real Estate Developers of India's Mangaluru branch, Pushparaj Jain, said that the second corona wave has adversely impacted the real estate sector. He feels that instead of closing down, the sub-registrars offices could have been kept open for a few hours every day like banks. He said the government will be urged to meet this demand so that the government will also earn.







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Comment on this article

  • SHIVAPRASAD K U, Mangalore

    Wed, May 26 2021

    Whatever gone up steeply without any basis has to come down one least now big pockets who made big money must understand

    DisAgree Agree [8] Reply Report Abuse

  • Richard Rodrigues, Niddodi

    Wed, May 26 2021

    Good idea! No problem of oxygen and fresh air. Only thing is you have to adjust to slow internet, frequent power cut and poor and costly transport system, hardly one or two sunday mass. If you know the two wheeler or four wheeler good otherwise learn driving before moving

    DisAgree [3] Agree Reply Report Abuse

  • Ronald, Mangalore

    Wed, May 26 2021

    Those who invested into real estate through apartments and small sites still haven't recovered their investments, its stagnant for the last 10 years except in few places. Builders/Developers have run out of their rosy promoising sales script! They have to pay for their greed and exorbitant extraction from buyers

    DisAgree Agree [23] Reply Report Abuse

  • Flavian, Mangalore/Kuwait

    Wed, May 26 2021

    Lucky are those who have inherited ancestors property and agriculture land. Town ship is expanding and they can make fast bucks.

    DisAgree [4] Agree [6] Reply Report Abuse

  • Sameer, Riyadh

    Wed, May 26 2021

    Nellu, I totally agree with you. This BJP government is like 'Panvati'. Name one thing which has improved since this government came to power in 2014? Yes..there is one thing which has shown rise...'Deaths'.

    DisAgree [6] Agree [26] Reply Report Abuse

  • Flavian, Mangalore/Kuwait

    Wed, May 26 2021

    Real Estate Companies and the Builders have amazed wealth since so many years. People have invested lots of money purchasing apartments some for living purpose some for resale depending on demand. Now the stagnation in turnover is impacting all the parties. As to sluggish economy its a not a new thing . Ever since BJP came to power the Economy is not picking, rather sliding down every year. To add to the misery Covid pandemic is a biggest blow to Airline, Hotel Industry, Tourism, Leisure & entertainment, export (except Beef) , Construction etc. The question is when things will improve and come back to normal, Wait & watch.

    DisAgree [3] Agree [14] Reply Report Abuse

  • Valerian DSouza, Udupi/ Mumbai

    Wed, May 26 2021

    We have not learnt lesson from the story of Golden Egg laying Hen. We cut of the Hen that's is laying Golden Eggs. Business that's giving Taxes, employment are being put impossible compliences and Taxes. Can you imagine, Cement one of the important ingredient is taxed @ 28% GST at par with laxury goods or SIN goods. Fuel used for transportation attract anything arround 220% taxes. Over and above house registration have to pay 5% stamp duty plus 1% Registration charges. How much the taxes are added to the cost of the house? Bank interest on housing loan? What the builders will earn? How the sector can survive? I believe sensible economists should rule the country to address issues rightly and bring about right changes!

    DisAgree [1] Agree [16] Reply Report Abuse

  • Dylan, Mangalore

    Wed, May 26 2021

    Everything goes up has to fall someday, everything what falls down someday has to go up. It is only a cycle.................

    DisAgree [4] Agree [8] Reply Report Abuse

  • Neeraj, Mangalore

    Wed, May 26 2021

    Thanks to Ache Din Sarkar. Atleast they should have given relief by stopping Bank loan for sometime. Last time they gave moratorium on one side and charged highly. We eventually have to pay more now.They have enough money to buy MLAs and M.P.s. To built Statues can't save Middle class

    DisAgree [3] Agree [14] Reply Report Abuse

  • SJM, Mangalore

    Wed, May 26 2021

    Made artificial market hike and looted enough. People now started moving villages and making their own propery where they can live with peacefully with less expenses. I am planning move this year end from Mangalore town to village

    DisAgree Agree [21] Reply Report Abuse

  • S.F.H, Indian

    Wed, May 26 2021

    Name one sector which is not badly hit after 2015.

    DisAgree [3] Agree [13] Reply Report Abuse

  • Sadananda Rai, Mangalore

    Wed, May 26 2021

    Politicians pocket

    DisAgree Agree [8] Reply Report Abuse

  • Carlton Saldanha, Shirva/New York

    Wed, May 26 2021

    Real estate is all about black money running in business. Middle class family run from Bank to Bank to get a housing loan, and they start working hard for next 25 years to repay. These real estate thugs will thrive driving Mercedes/Audi/BMW and eventually getting into politics with I'll wealth. Who is benefitting????

    DisAgree [2] Agree [46] Reply Report Abuse

  • Evans C Sumitra, Udupi/New York, USA.

    Wed, May 26 2021

    Carlton Saldanha, Shirva/New York, I have no words to express on your comments and it makes sense.

    DisAgree [2] Agree [4] Reply Report Abuse

  • Sachin Shetty, mangalore

    Wed, May 26 2021

    Rates of all construction materials have doubled, sales not happening, registrations closed. Where will the builder go after having invested crores.

    DisAgree [12] Agree [22] Reply Report Abuse

  • Amaze, karkala

    Wed, May 26 2021

    Real estate never recovered after demonetization. Only one sector benefited in BJP rule.. Rs 2 per tweet sector.. Even that sector is getting banned i heard. other sectors are MLA shopping

    DisAgree [17] Agree [67] Reply Report Abuse

  • nellu, kudla

    Wed, May 26 2021

    as long as pm modi in power .india will never ever prosper.plzz mark my words.its may hard for bjp bhaktahs to digesst .but its reality nd fate of the country.

    DisAgree [17] Agree [32] Reply Report Abuse

  • Guru, Mulki

    Wed, May 26 2021

    Nellu, people of India not elected him for prosper. They elected him for Article 370, Ram Mandir, to kill islamic terrorists and stone pelters, NRC, Uniform civil code

    DisAgree [8] Agree [35] Reply Report Abuse

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