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.
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.