new Delhi: Corona ( coronavirus ) Because everyone is upset. And the great thing is that rich rich have almost one problem. It was being said that due to Corona, property prices would come down, due to which this disaster would emerge as an opportunity for those who dream of buying home. But now it is getting news that due to Corona, the cash shortage (CASH Crisis) has increased so much that owners of large luxury properties are forced to sell their properties. Even in places where people used to find a place to live before Corona, today there are no people to live in those places. Landlords are not finding tenants.
Homecoming of working people spoiled the game-
In fact, like migrant laborers, people who have come to work from abroad to India have gone back to their homes due to the Corona outbreak, so the buildings of the finest locations in posh areas have also been vacated.
More than 25 percent decline in rent (rental plunge) –
Brokers say that it has become so difficult to find tenants in Corona that before the corona, the building which was being given for rent of Rs 3.5 lakh is getting very difficult even today at 2.5 lakh rent. That is, there has been a 25-30 percent decline in direct fares (rental plunge).
This situation is not only in Delhi but in the metro cities of the entire country.
Will change tenant profiles– People live in small houses in Mumbai but due to Corona work from home people are feeling the need for big houses, it is believed that soon the demand for big Kingsize houses will increase in people. There is a high possibility of such demand from lawyer, bankers and corporate members.
The big reason for this is that people can afford to live in posh areas due to the low rent plunge.
But it is also to be noted here that this change is temporary because people will start coming back as soon as Corona Vaccine comes and then things will be back as they were.