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New Delhi, Apr 10 () Realty firm Puravankara Ltd has donated 500 coronavirus testing kits to the Karnataka government that can help test 5,000 people. Karnataka Chief Minister B S Yediyurappa tweeted, "Appreciate the contribution of Ashish Puravankara, MD of Purvankara Group who donated 500 Covid testing kits today. This will help test 5000 people as each kit can test 10 people." "To help augment the government's efforts, Puravankara has committed to procure approved testing kits, which will be managed by the state's authorities. These tests will be administered free of cost for the people of Karnataka," the Bengaluru-based developer said in a statement. MJH ABMABM

Puravankara donates 500 coronavirus testing kits to Karnataka govt

<keyword id="7457881" type="General" weightage="100" keywordseo="private-credit" source="Orion">Private credit</keyword> deployments are likely to surpass the $10 billion mark in 2024, a report by a consultancy firm EY said on Wednesday. The January-June period saw private credit transactions of over $6 billion in 96 deals, and the last two-and-a-half years have seen over $20 billion being deployed in the emerging alternative serving the credit needs of Indian companies. Major deals were witnessed across real estate, infrastructure, and healthcare sectors in the first half of the year, the report by EY said. Domestic funds are gaining traction and market share in the private credit space leveraging local expertise and the influence of lower-cost domestic money, it said. The first half of the year saw <keyword id="23077048" type="General" weightage="20" keywordseo="reliance-logistics" source="keywords">Reliance Logistics</keyword> and Warehousing, Vedanta Semiconductors, and Matrix <keyword id="19933821" type="General" weightage="20" keywordseo="pharma" source="keywords">Pharma</keyword> collectively raising approximately $1.3 billion, while real estate sector continued to be a focal point with borrowers such as <keyword id="20197996" type="General" weightage="20" keywordseo="prestige-group" source="keywords">Prestige Group</keyword>, <keyword id="21275229" type="General" weightage="20" keywordseo="puravankara-group" source="keywords">Puravankara Group</keyword>, Kalpataru Group, and Shapoorji Group being active. The firm's partner Bharat Gupta said private credit investments are at an all-time high, driven largely by growth-oriented strategies. "The outlook remains promising, though thorough due diligence and effective deal oversight are crucial to maximizing returns and managing potential risks," Gupta added. With the maturing of the system, there is a subtle shift towards performing credit deals in <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> with funds increasingly engaging in sub-18% <keyword id="22335519" type="General" weightage="20" keywordseo="internal-rate-of-return" source="keywords">Internal Rate of Return</keyword> (IRR) transactions, the report said. In the high-yield segment, mergers and acquisitions/buyout deals, and bridge-to-initial public offering transactions have gained traction within private credit funding, it said. High-net-worth investors and family offices are increasingly participating in private credit as a key asset class, boosting the popularity of domestic funds, it added.

Private credit deals to touch $10 billion in 2024, says EY report

New Delhi, Apr 14 () The real estate industry on Tuesday welcomed the decision to extend the lockdown period till May 3, but said the government should allow limited construction activities with proper safety and also provide a relief package to ease the liquidity crisis faced by builders. "We support the prime minister's announcement on extension of the lockdown. We are looking forward to the blueprint by the government to be revealed on April 20 and would also urge the government to permit limited construction activity as this will help the real estate sector unfold its economic movement in a staggered way," CREDAI National Chairman Jaxay Shah said in a statement. The need of the hour is the economic package by the RBI to address the liquidity challenges being faced by the housing sector, he added. Ashish R Puravankara, MD Puravankara Ltd, said, "the quarantine lockdown has been extended and it is primarily for the health and safety of the nation, which is the focal point at this time. Industry sectors will certainly take time to revert to sync once the lockdown is lifted. We will await the individual state advisories on the plans for post 20th April."Property consultant Anuj Puri said, "it's the right thing to do given that life is much more important to protect at this stage than the economy.""We however hope that some of the areas where COVID-19 hasn't hit would start to open and at least with social distancing business will start production," Puri added. "Considering that the risk of the spread of the Coronavirus is still high, it was the right decision on the part of the government to extend the lock-down," Dhruv Agarwala, Group CEO, Housing.com, Makaan.com and PropTiger.com, said."However, it is quite obvious that this will have a further adverse impact on the economy that is already under severe stress. We sincerely hope that the government will, at the earliest, announce a relief package for businesses, many of which are struggling to stay afloat with revenues coming to a virtual standstill," Agarwala said. Dhiraj Jain, Director, Mahagun Group, said: "we stand firmly behind PM's decision to extend the lockdown."However, he said the government should announce measures to help this sector.Deepak Kapoor, Director, Gulshan Homz, welcomed the move but demanded one-time restructuring of developers' bank loans to tide over this liquidity crisis. Property brokerage firm Investors Clinic founder Honeyy Katiyal supported the move but said this would have a huge impact on the real estate sector. "Considering the overall risk, it was expected that lock down will be extended further. However, considering the adverse economic impact, the Government must announce a relief package for the industry," Sagar Saxena, Project Head, Spectrum Metro said."The nationwide lockdown was bound to be extended. Having said that, we would welcome a gradual opening of economic activity including resumption of construction activity at project sites," said Kaushal Agarwal, Chairman, The Guardians Real Estate Advisory. KW Group MD Pankaj Jain said it is a tough decision but the right one. MJH RUJ

Realty sector welcomes lockdown extension, seeks relief package to cushion liquidity crisis

New Delhi, Apr 4 () Aparna Constructions and Estates on Saturday said it has donated Rs 2 crore each to the PM-CARES Fund and the Telangana Chief Minister's Relief Fund for tackling the coronavirus crisis. In a statement, the Hyderabad-based firm said it has also donated Rs 1 crore to the Andhra Pradesh Chief Minister's Relief Fund, taking the total contribution to Rs 5 crore. Earlier this week, realtors' body CREDAI-Gujarat donated Rs 5 crore to the Chief Minister's Relief Fund. DLF group's CSR arm DLF Foundation has donated Rs 5 crore to the Haryana Chief Minister's Relief Fund and pledged to provide 27 lakh meals. Mumbai-based Hiranandani group has donated Rs 5 crore to Maharashtra Chief Minister's Relief Fund. FDI-funded realty firm Experion Developers has donated Rs 1.85 crore to PM-CARES Fund and Rs 20 lakh to the Haryana corona relief fund. Signature Global has contributed Rs 2 lakh to PM-CARES, Rs 1 lakh to CII Foundation, and Rs 7 lakh to labourers. Many developers including Lodha group, Embassy, Prestige, Shriram Properties, Puravankara, Arvind SmartSpaces, Central Park, M3M, ABA Corp and Bhumika group are providing meals, dry rations, masks, gloves and hand sanitisers to their workers on construction sites. MJH ABMABM

Covid-19: Aparna Constructions contributes Rs 5 cr

New Delhi, Apr 8 () Jaypee Group has donated Rs 3 crore to PM-CARES fund to support the fight against COVID-19. Jaypee Group, which is into construction, real estate, power, hospital and hotel businesses, has also contributed Rs 51 lakh to Madhya Pradesh Chief Minister Relief Fund, Rs 50 lakh to Uttar Pradesh CM Relief Fund and Rs 21 lakh to Uttarakhand CM Relief Fund. Jaypee Group firm Jaypee Infratech is undergoing insolvency proceedings."In the wake of the COVID-19 pandemic, Jaypee Group has collectively donated Rs 4.22 crore," Jaypee Group said in a statement. The group is also providing essential items to labourers working on its various projects and also to people around the sites. Last week, Aparna Constructions and Estates donated Rs 5 crore, of which Rs 2 crore was earmarked for PM-CARES Fund. Another Rs 2 crore for the Telangana CM Relief Fund and Rs 1 crore for the Andhra Pradesh CM Relief Fund. Moreover, realtors' body CREDAI-Gujarat has donated Rs 5 crore to the Chief Minister's Relief Fund. Naredco Uttar Pradesh President R K Arora has given Rs 10 lakh to district magistrate of Gautam Buddha Nagar. DLF Group's CSR arm DLF Foundation has donated Rs 5 crore to the Haryana CM Relief Fund and pledged to provide 27 lakh meals.Mumbai-based Hiranandani group has donated Rs 5 crore to Maharashtra CM Relief Fund.FDI-funded realty firm Experion Developers has donated Rs 1.85 crore to PM-CARES Fund and Rs 20 lakh to the Haryana corona relief fund.Signature Global has contributed Rs 2 lakh to PM-CARES. Many developers including Lodha, Embassy, Prestige, Shriram Properties, Puravankara, ATS, Ace group, Arvind SmartSpaces, Salarpuria Sattva, Central Park, M3M, ABA Corp and Bhumika group are providing meals, dry rations, masks, gloves and hand sanitisers to their workers on construction sites. MJH SHW ANUANU

Jaypee Group donates Rs 4.22 cr to COVID-19 relief funds

New Delhi, Apr 13 () Real estate sector, which is estimated to incur a loss of over Rs 1 lakh crore due to nationwide lockdown, is likely to see pay cuts and job losses as cash-strapped builders will look to reduce their fixed cost at a time when their sales revenue has almost come to a grinding halt, according to industry players. However, property developers and consultants believe that damage could be minimised if the government announces a big relief package for the industry as well as the overall economy. "Real sector is the second-largest employer after agriculture and provides for both blue and white collar jobs. Construction and other allied workers comprise a very important segment of the Realty Sector. There might be job losses and pay cuts," CREDAI (National) Chairman Jaxay Shah said. As of now, he said, the priority is to provide labourers with basic amenities."It's too soon to say anything on pay cuts as this will totally depend on how long the pandemic continues," Shah said. NAREDCO President Niranjan Hiranandani said: "There will be an obvious impact on sales, and that in turn will impact profitability of business organizations. So, a pay cut might be the first reaction across business organizations, some jobs being lost might be the second."He said revenues of developers, which had already been facing liquidity crunch, would be badly hit, resulting in defaults in repayment of debts. "If outstanding payments get defaulted on, and the numbers keep rising, companies may go bankrupt, this in turn will directly impact jobs. Before the COVID-19 pandemic, job losses were around 15 per cent of the total workforce, this may increase to 25 per cent," Hiranandani said.However, he said if the government soon announces a stimulus package, "Things may not end up being so bad, in terms of companies going bankrupt or jobs being lost." Puravankara Ltd MD Ashish Puravankara said, "While the listed players, like us, who are geographically de-risked and have diverse business portfolio, will be able to plan and organise the next steps; the current impasse may pose a problem in the long term for a few companies who might have to take some austerity measures in the shape of job losses or pay cuts."Home-grown property consultant Anarock Chairman Anuj Puri said there could be pay cuts and job loss if lockdown continues for a longer period. "If the lock down was to open in the next 1-2 weeks then we may not see as many job losses or pay cuts," he said.Anshuman Magazine, Chairman &amp; CEO - India, South East Asia, Middle East &amp; Africa, CBRE, said: "The Covid-19 situation is still evolving in India and it is too soon to comment on the impact it will have on the industry."Ramesh Nair, CEO &amp; Country Head, JLL India, said the company has taken many cost management actions to protect its employees and continue to serve clients. "JLL has a strong balance sheet and JLL's businesses in India and beyond are positioned to emerge with resilience from the challenges of the COVID-19 pandemic. To help ensure our company can continue to protect our people and serve our clients and shareholders now and when the economic and business environment improves, our leaders have agreed to take several prudent cost management actions," he said.This discipline would help the company to support its staff and clients across India through this challenging time and be ready for future opportunities, Nair said. Mani Rangarajan, Group COO, Housing.com, Makaan.com and Proptiger.com, said job losses and pay cuts in the sector will remain limited. He expects real estate to gain renewed interest from both end users as well as investors because of sharp correction in other investment tools like the equity market. Manoj Gaur, MD, Gaurs Group, said the company has been performing well in terms of sales from the last 3-4 years and disruption of a few months will not have any major impact on financial strength of the company.Nayan Raheja, Executive Director, Raheja Developers said: "We are waiting and watching on the current situation and how long the lockdown continues to take any definitive call on this matter. However, at the moment all labour and staff are being supported."He demanded that the government should restructure existing loans of the builders. Ashok Gupta, CMD, Ajnara India, said, "These are tough times, but we are standing strongly with our employees amid this crisis."NCR-based KW group Director Pankaj Jain said: "As of now we are not deducting salaries of our employees. In the current situation, we all need to support each other. Companies must show more empathy towards their staff."Akshay Taneja, MD, TDI Infratech, said, "It is too early to take a call." MJH MR

Realty players fear pay cuts, job losses as lockdown hits revenue

New Delhi, Apr 3 () Mumbai-based Hiranandani group has donated Rs 5 crore to Maharashtra Chief Minister's Relief Fund to tackle the coronavirus crisis. "@hiranandani_com commits Rs5crs to Maharashtra Chief Minister's Relief Fund #CMRF to battle out #COVID 19 Pandemic," Hiranandani group MD Niranjan Hiranandani tweeted. Real estate associations and many developers have come forward to support the central governments and state governments. Many developers are providing cooked meals, dry rations, masks and sanitisers to construction workers on their projects sites. Earlier, CREDAI-Gujarat chapter has donated Rs 5 crore to the Chief Minister's Relief Fund. DLF group CSR arm DLF Foundation has donated Rs 5 crore to Haryana CM Relief Fund, besides pledging to provide 27 lakh meals. "Till date, cooked meals have been served to 2,80,750 persons and dry rations equivalent to 24,24,800 meals are in the process of being supplied," DLF Foundation said in a statement. It has also donated ICU ventilator, multiple diagnostic machines and hospital beds to South Delhi Municipal Corporation. FDI-funded realty firm Experion Developers on Wednesday said it has donated Rs 1.85 crore to the PM-CARES Fund. The firm has also contributed Rs 20 lakh to the Haryana Corona Relief Fund. Bengaluru-based developers including Embassy Group, Prestige group, Shriram Properties and Puravankara, are providing meals and other essential items to workers. On behalf of the association, Naredco-Uttar Pradesh President R K Arora has handed over cheque of 10 lakh to district magistrate of Gautam Buddh Nagar for Covid-19 pandemic relief fund. NAREDCO-UP has offered 500 beds to the state government, if required for isolation. Delhi-based Signature Global has contributed Rs 2 lakh to the PM-CARES Fund, Rs 1 lakh to CII Foundation, and Rs 7 lakh to the labourers. Gurugram-based M3M group and Central Park are providing relief materials to daily-wage workers. Noida-based ABA Corp is providing meals to over 1450 on-site labourers. MJH HRS

Hiranandani group donates Rs 5 crore to Maharashtra Chief Minister's Relief Fund

New Delhi, May 22 () Real estate developers on Friday welcomed cut in key interest rates but said the RBI needs to take more steps, such as one-time debt restructuring of builders loan, to provide relief to the industry which has been hit badly by the lockdown. The RBI needs to ensure that banks pass on the benefits to customers, they said. The industry hailed the extension in the moratorium on loan repayment but felt it was not enough. "The advantages extended by the RBI through reducing the repo rates are not being passed on by the banks to the customers. The series of reduction in policy rates will help all sectors including real estate which is hit by the contraction in demand and liquidity squeeze caused by the COVID 19. " However, we are hoping for quick transmission of these actions in banks' respective lending rates," CREDAI National Chairman Jaxay Shah said. "We expected more stringent measures from the RBI to revive the economy. Real Estate sector can act as a catalyst in resurrecting the economy, backed by stringent fiscal and non-fiscal measures. The move of moratorium extension is a short term piecemeal solution to a long term problem," CREDAI President Satish Magar said in a statement. Naredco President Niranjan Hiranandani said the reduction in repo rate and extension of moratorium period were steps in the right direction. "Industry though awaits one-time debt restructuring as a holistic measure to give a breather to the industries across the board and help in its quick revival," he added. Tata Realty and Infrastructure Managing Director (MD) and Chief Executive Officer (CEO) Sanjay Dutt said this will provide some financial relief to borrowers with their equated monthly instalments (EMIs) and make it cheaper to take new loans. Sobha Vice Chairman and MD J C Sharma said: "This will further lower the home loan interest rates. Such lowest ever, most lucrative reduced EMIs will augur well for the market sentiments and the larger economy. This will induce demand for homes and will give the much-needed fillip to the current state of the economy." Puravankara Ltd MD Ashish Puravankara said: "The further reduction of the repo rate will aid in ensuring adequate flow of capital in the market. We hope that all banks will incorporate the new announcements and pass down the benefits to loan seekers." Among property consultants, Anarock Chairman Anuj Puri said the repo rate cut will further help banks to lower home loan interest rates, which may get several more fence-sitters onto the market. Anshuman Magazine, chairman and CEO - India, South East Asia, Middle East &amp; Africa, CBRE, said: "The RBI's move to cut repo rate will have a positive effect on the residential property market. This is a clear step towards reducing lending rates, encouraging liquidity, preserving financial stability and supporting overall economic growth." JLL India Country Head Ramesh Nair said the faster transmission of these benefits to the end consumer in the form of lower home loan rates will aid in improving their effective affordability. "However, one-time restructuring of loans is the need of the hour more importantly for the real estate sector which is severely ailing due to the pandemic," he added. Dhruv Agarwala, Group CEO, Housing.com and Proptiger.com, said the move will boost sentiment and demand in the residential segment. "What needs to be seen is how quickly the banks reflect this change in their respective rates," he said. Knight Frank India CMD Shishir Baijal said it would have been a big respite if the long-standing real estate industry demand for a one - time restructuring of loans was allowed along with the measures announced on Friday. Savills India CEO said the lowering of the rates may help accelerate the decisions of a section of home buyers, in the next few months, if not immediately. "It will also help in reducing the EMI burden of customers during such grave times, provided the banks pass down the rates." Among other developers, Supertech Chairman R K Arora expressed disappointment that one time restructuring of loan was not allowed. Signature Global Chairman Pradeep Aggarwal said: "Now the situation for homebuyers might improve further as home loan interest rates are expected to come down further. Affordable housing will benefit the most as the buyers of this segment are very particular about the EMIs." ABA Corp Director Amit Modi, director said the banks need to quickly transmit the announced rate cuts to the end consumer, else the whole effort will be futile. Uddhav Poddar, MD, Bhumika Group said the industry was expecting one-time restructuring of loans while Prateek Mittal, Executive Director, Sushma Group, said the realty sector will benefit from the rate cut. Industry's demand for one-time restructuring of developers' loans should be met, said Ankush Kaul, President (Sales &amp; Marketing) - Ambience Group. The banks should immediately pass on the reduction in the repo to ensure the objectives of demand creation and liquidity infusion are achieved, said Kaushal Agarwal, chairman, The Guardians Real Estate Advisory. Farshid Cooper, MD, Spenta Corporation, said the announcement of a revision in repo rates and the extension of the moratorium on term loans provide much-needed relief to the economy and the realty sector. MJH SHW SHW

Realtors want banks to pass on benefit of rate cut to customers; demand one-time debt restructuring

New Delhi, Feb 1 () The real estate industry on Saturday expressed disappointment over the Budget, saying it failed to address huge liquidity concerns in the sector and did not provide any major incentives to boost sluggish housing sales.
 "The direction of the budget is progressive, however, there are no sector-specific measures for the realty sector," CREDAI National Chairman Jaxay Shah said.
 He welcomed the government's decisions to extend the tax benefit to boost demand and supply of affordable housing, but said the industry was eagerly waiting for the rental housing policy, one-time rollover of developers' loan and the Rs 45 lakh limit to be removed in affordable housing definition.
 NAREDCO President Niranjan Hiranandani said: "The liquidity issue which is a major challenge for the economy in general and real estate in particular, here too one does not see any major relief."
 CREDAI President Satish Magar said: "Budget 2020 has not been encouraging for the Indian real estate sector which needs immediate attention from the government."
 The industry expected more bolder steps from the government to revive the ailing sector such as providing more liquidity for the sector, one-time restructuring of loans, and tax deductions on home loans to give impetus to buyer sentiment, he added.
 Anarock Chairman Anuj Puri said the Budget misses on the 'quick fixes' the real estate sector needs urgently and focuses more on a long-term vision. "Apart from the affordable housing push and personal tax relief, no major benefits came in for resolving the current housing mess."
 Giving Budget a rating of 3 out of 10 for the realty sector, JLL India Country Head and CEO Ramesh Nair said: "The Budget announcement continues to focus on affordable housing and infrastructure, more specifically, urban infrastructure and logistics. However we do not see significant impact on the realty sector."
 Anshuman Magazine, Chairman &amp; CEO (India, South East Asia, Middle East &amp; Africa), CBRE said: "Continuing its commitment for further strengthening the national infrastructure till the last mile, the finance minister presented a progressive budget and touched upon every section of the economy."
 Shishir Baijal, Chairman and Managing Director, Knight Frank India, said that the Budget falls short of real estate sector's expectations.
 "The industry was hoping that the government would come up with measures to boost housing demand. However, the removal of exemptions under the new income tax regime, implying no tax benefit on principal and interest for home loans would be a dampener for the sector," he added.
 Tata Realty and Infrastructure MD &amp; CEO Sanjay Dutt said: "Overall, we would have liked to see a few of the several long- standing needs of the real estate sector be addressed such as granting of the industry status, one time roll-over (debt), tax on unsold inventory, tax to individual investor for notional income on second or third home, offset of loan interest from income, developer subvention and RERA as single body for customer grievances."
 Housing.com CEO Dhruv Agarwala said: "In the 2020 budget the government has decided to help the common man by reducing the income tax burden on individuals. By doing this, the government will definitely help boost consumer sentiment which will give a big fillip to consumption."
 The budget announcements will give a significant boost to the affordable housing segment, enabling both home buyers and developers to benefit from it, Sobha's VC &amp; MD JC Sharma said.
 Puravankara's MD Ashish R Puravankara said the Rs 1.5 lakh deduction in affordable home loan interest extended by another year will bring people closer to their dream of becoming home owners."
 Sunteck Realty CMD Kamal Khetan said: "Budget predominantly focussed on revitalising the affordable housing which is an attempt to revive the animal spirit in the real estate market. The trickledown effect of the tax saving will mean disposable income in the hands of the common man, thereby increasing consumption and investment in real estate."
 Rajan Bandelkar, President (NAREDCO West), said: "The real estate sector had pinned high hopes on the Budget, as the sector has been reeling under pressure and is on the verge of collapse."
 The sector's key demands such as allowing restructuring of loans and raising the limit of Rs 45 lakh for affordable housing have not been met, he added.
 "Extension of timeline for benefit on affordable housing for the developer is in the line of government intention to provide houses to every citizen, said Bijay Agarwal, MD, Salarpuria Sattva.
 Signature Global Chairman Pradeep Aggarwal said the extension of additional tax deduction on affordable housing by one year is a step in right direction.
 Gaurs group MD Manoj Gaur said the budget announcements seems to be mixed bag from real estate perspective. It simplifies income tax regime and provides tax incentives on affordable housing but many long pending demand of the real estate sector has not been met, he added.
 Raheja Developers CMD Navin Raheja said: "Extension and continuity of sanction and launch limitation from March 2020 to 21 for availing tax free exemption for developers of affordable housing projects is another welcome step together with 1.5 lac exemption to the affordable home buyers."
 Runwal group CMD Sandeep Runwal said: "Although the last couple of years have been challenging, we are hoping that the tax relief across income slabs will increase the disposable income of the middle segment group for affordable housing consumption."
 Investors Clinic founder Honeyy Katiyal said: "Affordable housing needs exclusive attention from the government and developers today as it is one the key building blocks in today's real estate."
 Hawelia Chairman Rattan Hawelia said: "The ongoing challenges and concerns of the struggling real estate sector and affected homebuyers have not been addressed in the budget." MJH PSK MKJ

Realtors disappointed with Budget, say no major announcements to address industry concerns

New Delhi, Mar 25 () The nationwide lockdown for next 21 days amid spread of coronavirus will severely impact residential real estate as housing sales have almost come to a standstill, which could affect builders' cash flow and lead to default in repayment of bank loans, according to property developers and consultants. Market experts also fear that existing customers might delay payments of their instalments to developers, who in turn could default in repayment of principal and interest on bank loans. Developers may hold on to apartment rates, but prices in the secondary or resale market could fall, they said. To mitigate the impact, developers and brokers are adopting digital marketing tools to reach out to prospective home buyers. When contacted, realtors' apex body CREDAI President Satish Magar said the lockdown will greatly impact the sales transactions and new launches will be deferred. "There are chances of many customers defaulting on their instalments because of tough economic conditions. These will have a cascading effect on developers-who will be battling with servicing their debts as cash inflows will be strained," he added. NAREDCO President Niranjan Hiranandani said overall sales numbers have dropped. The lockdown has opened up opportunities for digital platforms for sales and marketing activities, as also payments, he said. Bengaluru-based Puravankara MD Ashish R. Puravankara said: "At this point, no property registrations are taking place and all new project launches are postponed". As all construction sites are under lockdown, there will be a delay in completion leading to an increase in the interest cost, he added. "Additionally the lockdown could hamper the cash flow cycle of the developers' balance sheets and could result in bank defaults", said Ashish. Anarock Chairman Anuj Puri said the lockdown will have a negative impact on housing sales and new launches during the auspicious festivals of Gudi Padwa, Akshaya Tritiya, Navratri and Ugadi. "This is a time when AV technology to enable virtual site visits and walk-throughs will gain increased relevance and use," he said. Anshuman Magazine, Chairman &amp; CEO (India, South East Asia, Middle East &amp; Africa), CBRE said: "It is too early to comment on the impact of Covid 19 given that the situation is still evolving ... We are confident that once the situation normalises, sales will resume". Dhruv Agarwala, Group CEO, Housing.com and PropTiger.com, said the lockdown will have an adverse impact on real estate. "We too have begun to see a dip in traffic on all our platforms," he said, adding that the company has come out with innovative schemes for builders and brokers to advertise on its websites. Siva Krishnan, MD (Residential Services and Developer Solutions), JLL India said the lockdown will definitely have an impact on housing sales, but briefly. Shalin Raina, MD- Residential Services, Cushman and Wakefield, said the complete lockdown means lesser sales since most of the transaction closures happen only after site visits. Housing prices have corrected by 15-20 per cent in the last few years and further decline is unlikely, Raina said. Savills India CEO Anurag Mathur said: "Housing sales may see a sharp dip for at least the next one quarter... Even if the situation settles down quickly, it may take time for homebuyers to come back to the market." "Price elasticity is not a concern under the circumstances since the transaction activity is at a standstill anyway. Depending upon the duration and depth of the current crisis, prices may or may not see a downward movement," he said. Omaxe CEO Mohit Goel said the recovery in the housing segment has been halted. "As for real estate prices, there will be no change as transactions are not taking place. The prices will resume at the level it has halted," he said. Gaurs' MD Manoj Gaur said, "The sales are impacted, but it is temporary." Supertech Chairman R K Arora said, "housing sales have completely gone". There are no buyers in the market. Pune-based Gera Developments MD Rohit Gera said, "Real estate sales are at a standstill. So far there has not been any reduction or crash in prices of homes." "In the absence of some relief from the government, more real estate developers with debt obligations will default on account of the stop in cash flows thereby impacting the economy and jobs," he added. M3M Director Pankaj Bansal said housing sales would get impacted during this period of crisis, but it would also create a pent up demand once things get back to normal. Experion Developers Senior ED Ananta Singh Raghuvanshi said, "Sales closures are temporarily getting pushed ahead. Prices won't change." Raheja Developers ED Nayan Raheja said the sales and construction are badly impacted and at standstill. ABA Corp Director Amit Modi said the sales velocity has definitely been slow. Gulshan Homz Director Deepak Kapoor said, "People are deferring property buying decisions." PropEquity MD Samir Jasuja said: "For the real estate sector, this is a tough situation as it was just finding green shoots of recovery. We believe for the next few weeks, we will not see any new transactions for housing sales". Ambience President (Sales &amp; Marketing) Ankush Kaul said: "Housing sales will be impacted for the next few weeks." Ekta World Chairman Ashok Mohanani said the lockdown has affected the business cycle deeply. Wadhwa group, Head - Sales, Marketing Bhasker Jain said the lockdown has impacted sales and the company is offering cashback on online bookings. Brokerage firm 360 Realtors Ankit Kansal said the activities have come to a standstill after lockdown. Sales were down by 30-40 per cent during the first three weeks of March. Investors Clinic Founder Honeyy Katiyal said sales would be impacted but not the price. Wealth Clinic CMD Amit Raheja said, "It will hamper sales to a large extent, but we expect a good turnaround once the situation returns to normalcy." MJH MRMR

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