Housing sector

Housing sector too affected by the coronavirus; Land becomes 30% cheaper; Decline in cement demand

Coronavirus: House prices in the country could fall by 10-20% due to the Corona crisis. In addition, the price of land can become 30% cheaper. This evaluation comes from the real estate research of Liases Foras. The corona crisis can be a good opportunity to invest in real estate as it will bring greater profits when everything normalizes. Meanwhile, a report by Anorak said that due to the Corona virus infection, home sales in seven major cities across the country may fall by 35% 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 could decrease by 20-25% (Coronavirus)

Due to the Covid-19 outbreak, the demand for cement in the country may drop by 20-25% in the current fiscal year. The industry says that if the epidemic is not brought under control by May and construction activities do not start until the second quarter of the year, there is a possibility of a sharp drop in the consumption of cement. CRISIL gave this information on Monday.

Since FY 2012-2019, the consumption of cement in the country has been increasing on the graph, with the consumption in FY 2019 equivalent to 328 million metric tons. However, the current crisis could lead to a sharp drop in consumption. The dive may be more than expected.

An uncontrolled outbreak by May will be huge

CRISIL said if India is unable to control the outbreak by May, demand for cement in India could decline by an unprecedented 20-25% this fiscal year. Due to this outbreak, social distancing measures may need to continue through June and construction activity may not begin until the second quarter of fiscal 2021.

However, Crisil admitted that demand could remain as low as 10-15% in the fiscal year if measures to maintain lockdowns and other social distancing continue through the end of April and construction activities resume in mid-May. The agency further said that despite sluggish demand, the cement industry achieved a price increase of Rs 25 per bag in the financial year 2019-20.

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The total number of cases stands at 4,426 in India

The coronavirus has wreaked havoc around the world, shutting down all economies. Hailing from Wuhan, China, the destruction caused by the virus knows no bounds. The United States has the highest number of reported cases with 3,67,758, followed by Spain (1,36,675) and Italy with 1,32,547 reported cases. The death toll is also in turmoil.

Omicron cases in India: 2 new cases of Omicron in India bring the total number of cases to 145

In India, the total number of cases has exceeded 4,000 and deaths have exceeded 100. The total number of confirmed cases in India is 4,426. The total number of death are 114. Active cases in India currently stand at 3,981 and 326 people have recovered or been discharged from hospital.

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