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For millions of Indians, the relationship with real estate has been reset by Covid-19 and the ensuing uncertainty. Companies, individual tenants, property owners, homeowners, builders and buyers are all struggling to make sense of the disruption and trying to assess where on the financial matrix they will end up when the virus eases up a bit.
The realty sector has been grappling with a slowing economy, credit crunch and mounting inventories for a while now, and the recent Coronavirus pandemic has started to deteriorate things further.
As most companies and organizations have proceeded to implement policies of zero contact meetings and no visitors, the real estate market is gazing at the future with uncertainty, however, accompanied by optimism. It is difficult to think of a business that has not been impacted by the covid-19 pandemic, but for the Indian real estate sector, the impact of the crisis cannot be gauged precisely at this point. It has been a known fact that the sector, especially the residential segment, has already been struggling with project delays, regulatory changes and low sales for the last few years. How the coronavirus will affect it, is a new question on the horizon.
Coronavirus has already shaken Indias economy and changed our daily lives. Daily wage workers are affected in large. As the epidemic increases, it will surely impact the Indian real estate market and particularly for those who had been preparing to buy or sell a home this season. While much will depend on the length of time it takes to contain the spread of the virus.
Yes, i agree with Krishnendu. The Indian Housing Segment will probably take the greatest hit in the coming weeks and months. The festive season which was expected to see a rise in housing demand in view of Ugadi, Akshaya Tritiya, Navratri, and Gudi Padwa, which are deemed to be auspicious occasions for buyers as well as for developers for launching new projects and also buying new properties. But sorry to say that this will not be the same this year seeing the rapid spread of coronavirus. You can go though this blog for the complete information.