The impact of the Coronavirus is affecting every industry around the world and different opinions are there for the real estate sector too whether it is residential or commercial real estate. Due to the pandemic, the work from the home experiments has spread globally as a health emergency. This Coronavirus has put a question mark when we will recover from this situation when the business and economy will be normal?
The situation started to get worse in India in March 2020 when coronavirus started to spread and deaths occurred. The lockdown has happened to save lives from this deadly virus, which brought the economic activity down in India in all sectors including real estate.
As we know, a home is a basic necessity for everyone without which no one can survive. The sectors which offer the basic necessities to humans can not suffer for a long time and so it is the case with real estate. While the real extent of the damage is hard to grasp in a scenario where every day is making a great difference, one thing is for certain – the Indian real estate sector will overcome soon.
The Coronavirus spread has further delayed a recovery that might have seemed possible. The government is trying to re-generate demand for housing by announcing higher tax breaks and lower interest rates on home loans.
Due to the lockdown in the account of COVID-19, the sales and construction activities became halted in the real estate sector. As workers were not able to survive due to the lockdown so they moved to their villages. After the lockdown has over almost all the cities in India, they are coming back slowly and gradually but anyhow the construction process has got delayed.
The business has gone down and the people do not have job security as many have lost their job too so investing a big amount to purchase anything is really a big decision for anyone. But one fact, the pandemic has also made buyers realize the value of homeownership.
The demand for buying a home is increasing in real estate through online activities like virtual tours, video calls, and online booking facilities. The technology is lifting the sales in the real estate sector and it is expecting that the real estate sector will soon boom again.