Covid 19 Impact on Thane Real Estate | A virtual dialogue with Mr. Sandeep Karnavat

The real estate industry was already dealing with a slowdown over the last four years and Covid-19 has only added more fuel to the fire. Today the real estate sector faces India’s biggest problem in the residential real-estate the sector, i.e a large liquidity crunch.

Even after working through compliance, completion, and several other issues over the last four years, Developers worked day and night to build demand, increase their sales, and reduce their debt. However, the emergence of Covid-19 completely wiped out all their efforts. With higher supply than demand existing in especially in Thane City, some developers have gone into fight or flight mode.

In our virtual discussion with a Thane-based Developer, Mr. Sandeep Karnavat mentioned that home-buyers have shifted their decisions to buy new homes by six-months because of the liquidity crisis. With additive steps taken to ensure migrant labor health, safety, and well-being, Mr. Sandeep Karnavat is hopeful that fellow developers shall take on this challenge too to bring back normalcy in the real estate residential sector.

As for the commercial sector, Mr. Sandeep Karnavat believes, that the “Work from Home” concept has imposed significant challenges across multiple organizations and their effects are yet to be calibrated. Mr. Karnavat believes that termination of leases or licenses may not be a commercially a viable option for the tenant and landlord, and hence innovative and renegotiated rental terms are the best option for both parties involved.

Mr. Sandeep Karnavat is a real-estate developer based out of Thane and is known for their iconic residential and commercial buildings in Thane, i.e Sun-Crest and Sun Magnetica. Sun-crest is an iconic residential complex and Sun-Magnetica is Thane’s emerging banking and insurance hub with over eight nationalized banks and five insurance corporations under one roof.