The partial shutdown in Maharashtra has not affected construction activity in the state as there has been no disruption in raw material supplies and labour has also stayed put this time. However, restricted movement of people would lead to reduced footfalls and is expected to affect the April 2021 property sales in Mumbai and Pune.
Satish Magar, MD of Magarpatta City and chairman, Credai, said just when the real estate sector was on the verge of recovering, the second wave of Covid-19 has hit but he is hopeful that the restrictions will not continue for long.
Credai expects housing sales in the top eight cities in 2021 to bounce back to the 2019 levels if there is no lockdown due to the second Covid wave.
The real estate sector had grown at around 44% in the March quarter, but the second Covid wave will be a short-term dampener, Harsh Vardhan Patodia, president, Credai, said.
The industry expects sales during April 2021 to be lower than what they had expected as a result of the partial lockdown, but the impact wouldn’t be as bad as it was in 2020.
If there is a full-blown lockdown and the second wave persists for a longer time, migrant labour may start leaving Pune and that would be a big concern for the real estate sector, Anil Pharande, president of Credai-Pune Metro said.