Covid-19 outbreak: Real estate majors rule out price cuts after lockdown

Despite fall in sales, supply constraints may keep prices firm

Though the nationwide lockdown is taking a huge toll on the real estate sector, property developers are in no mood to cut prices. This despite the fact that the March quarter of CY 2020 witnessed a 30 per cent decline in the sale of residential units and there will likely be a similar fall in sales this calendar year.
 

“We don’t have any plans to cut prices. The industry has been reeling from a slowdown for the last eight years. There is limited scope to cut any prices,” said Mohit Malhotra, managing director at Godrej Properties, the real estate company