The pandemic brought everything to a halt. The sudden arrival of the unwanted disease engulfed everything and everyone. Even the real estate in India saw a great downfall in terms of investment, purchasing, and rent. The impact of coronavirus on the real estate market left much business in shatters. The impact was so crucial that several small and big businesses weren’t able to heal from the effect and face several complexities even today. However, thanks to the fast vaccination drive the economy saw a great recovery, economically.
With the introduction of the ‘Work from Home’ concept, which was accepted by almost every major and minor company all around the country, real estate saw a decline in terms of office occupancy where several were left unoccupied and still haven’t gone back to full occupancy. However, because of the amazing vaccination drive covered by the government of India, offices started to reopen, working people went back to work, spaces that were left empty started to see the presence of people, and the economy started to recover, although, not fully in the first three quarters of 2021, but by the start of Q4, the economy is seeing a V-shaped recovery.
All of this means that the Indian real estate market will also see a boost in terms of purchasing power as well. Also read – Residential Property in Dasna Ghaziabad Uttar Pradesh.
Impact on Prices on real estate in India
Now, when the world is standing back on its feet and the economy is experiencing a boost, the developers are also hoping for a positive change in terms of price in the Indian real estate market. Jitendra Khaitan, Managing Director said, “In the past eight months, since the Coronavirus-induced lockdown was lifted, the real estate industry has witnessed a gradual recovery. The second wave of COVID-19 affected the industry a little because after the first lockdown stage in April 2020, people realised the value of homeownership. There will not be any drastic drop in real estate prices as a result of the second wave; but, there will be some domino effects in real estate prices as a result of the second wave; but, there will be some domine effects. Not directly because of COVID-19, but because of the related constraints imposed on the general public’s movements and delayed assistance on other support facilities, such as processing papers for home loans, registration of sale deeds, or reaching out to sales and marketing personnel to garner more information about the project”
Even though, we have vaccinated 23 percent of the population, which is a great achievement in itself, the real estate in India by the end of 2021 would still have to face several challenges in terms of the market price. Still, we are hopeful that the impact of coronavirus on the real estate market will not remain the same and prices will go high again in near future. Also read – 10 Real Estate Terms You Must Know Before Investing.