Housing Sector Too Affected By Coronavirus; Land Becomes 30% Cheaper; Cement Demand Falls
Coronavirus:The price of houses in the country may fall by 10 to 20 percent due to the Corona crisis. Not only this, the price of land can become 30 percent cheaper. This assessment is from the property research of Liases Foras.
The corona crisis may be a good opportunity for investing in property as it will bring greater profits when everything normalises. At the same time, an Anorak report said that due to Corona virus infection, the sale of houses in seven major cities of the country may fall by 35 percent this year. These cities are Delhi-NCR (Ghaziabad, Noida, Greater Noida, Gurugram, Faridabad), Mumbai Metropolitan Region (MMR), Kolkata, Chennai, Bangalore, Pune and Hyderabad.
Cement demand may decrease by 20-25 percent(Coronavirus)
Due to the Covid-19 epidemic, cement demand in the country may fall by 20–25 percent during the current financial year. The industry says that if the epidemic is not controlled by May and construction activities start only by the second quarter of the year, there is a possibility of a sharp decline in cement consumption. CRISIL has given this information on Monday.
Since fiscal year 2012 – 2019 the consumption of cement in the country has gone up the graph with the consumption in FY2019 equating to 328 million metric tons. However, the prevailing crisis might lead to a sharp dip in consumption. The dip can be more than expected.
An epidemic that has not been controlled by May will be huge
CRISIL has said that if India is unable to control the epidemic by May, cement demand in India could decline by an unprecedented 20-25 percent this fiscal year. Due to this epidemic, social distance-keeping measures may have to continue till June and construction activity can only begin in the second quarter of FY 2021.
However, Crisil admitted that demand could remain as low as 10-15 percent during the fiscal year if measures to maintain lockdown and other social distances continue by the end of April and construction activity resumes by mid-May. The agency has further stated that despite slow demand, the cement industry has achieved a price increase of Rs 25 per bag in FY 2019-20.
Total cases rise to 4426 in India
Coronavirus has created havoc in the world bringing all economies to a halt. Originated in Wuhan, China, the destruction caused by the virus knows no bounds. United States stands with the highest number of reported cases of 3,67,758 followed by Spain (1,36,675) and Italy at 1,32,547 reported cases. The death tolls are also on a spree.
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In India the total number of cases has crossed 4,000 and deaths have crossed 100. The total confirmed cases in India lies at 4426. The total number of deaths are 114. Active cases in India presently are 3,981 and 326 people have either recovered or been discharged from the hospital.
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