India Revival Mission: Is the worst over for real estate sector?
New Delhi: On India Revival Mission Council, India’s real estate sector has been impacted by the Coronavirus pandemic, what lies ahead is unprecedented and if there are any signs of revival during the festive season.
The guest panel consists of Sri Kant, Chief General Manager, Real Estate Housing Business Unit at State Bank of India, Niranjan Hiranandani, CoFounder and Managing Director at Hiranandani Group, Sanjay Dutt, Chairperson at FICCI Real Estate Committee and Managing Director and CEO at Tata Realty and Infrastructure and Anshuman Magazine, Co-Chair CII Real Estate Committee and Chairperson and CEO India, South East Asia, Middle East, and Africa CBRE.
Talking about the impact of Covid-19 on the real estate sector, Hiranandani said: “I never imagined that real estate could suffer so much after two years of demonetisation, GST, IL&FS catastrophe and so on. I thought we had a good year in 2020 till the pandemic landed.”
“The pandemic actually destructed the industry tremendously. Even after the migrant labour left the site it was kind of devastating to see the sight of the poorest of poor the migrant labourers were also badly affected,” he added.
Watch the full conversation here: