The Indian real estate sector has been severely impacted by the outbreak of Coronavirus. In march 2020, WHO (World Health Organization) declared Covid-19 global pandemic and on 25th march lockdown in India started as well to prevent the spread of the coronavirus. All these have resulted in uncertainty for the real estate sector.
Although the residential sector has been slow in recent years due to many policy changes, followed by demonetization and enforcement of the RERA (Real Estate Regulatory Authority), 2016. While luxury ventures have taken on a big hit, affordable properties have paved the way for the sector to remain efficient.
Pandemic & lockdown forced us to understand the importance of time and the prompt implementation of important things. The developers must ensure that the work performed during these difficult periods is carried out and finished within the specified timeline.
Due to lockdown, various builders had to stop their construction process which resulted in delay in project delivery. Moreover, as most of the laborer’s are from other states, they have also gone back to their hometown to stay safe from coronavirus. This has resulted in a shortage of labour force for completion of projects.
Despite all this, India has been using this as an opportunity. With the “make in India” mission, the indigenous industry is getting the chance to produce more raw material to developers and because the material is being produced in our own country it will be less costly for developers.
As the country is currently in the process of unlocking, workers are returning and the process of construction of many projects is starting again. Affordable housing has seen a large user base due to the significance of Prime Minister Modi’s pledge to offer ‘housing to all’ by 2022.
With the eventual opening up of the economy, there is an increasing call from business quarters and real estate activist groups to boycott Chinese construction and related fixing products. CREDAI (Confederation of Real Estate Developers Association of India) appealed to the entire real estate market to shift progressively into domestic procurement activities.
While the work was paused many developers tried to build a good customer relation using digital platforms. In the last few months, real estate has advanced digitally as general buying preference has improved dramatically, as consumers now tend to buy items online. The introduction of technology has been proven to be helpful to the regeneration of the industry.
Residential societies ensure that ‘social distances’ are preserved by stringent monitoring of public activities and guest admission. They are taking radical steps to disinfect societies by outsourcing work to specialist cleaning service firms. Public gatherings (which involve large crowds such as parties or marriage) are avoided or are being cancelled even inside the premises.
Gradually opening up since the lockdown, real estate markets have also begun to rebound. In the first step of unlocking, state governments across India provide for relaxation of constraints imposed during the lockout.
Construction work has begun in India, with the exception of a few containment areas. However, social distances, adequate use of sanitizers and protective masks have been a rigid standard at building sites throughout India. It is advised to have a wellness and safety camp in the workplace and at building sites for all of the workers to ensure that they are all mindful of the current situation and best practices for alleviating the risk of infection.
Coronavirus has made people realize the importance of owning a house in a good or posh area as Real estate industry has been a layer of protection for everyone. It is expected that in the upcoming time the demand for ready to move projects will rise because people who are living in rental places will buy their own house.
It is also beneficial for people looking for investment in real estate as the stock market is also fluctuating and right now investing in tangible property is only a smart choice for them. Banks and financial institutions are offering easy loans at less interest rates which is again an opportunity for investors.
This provides an economic incentive for non-resident Indians (NRIs). With the US and Europe heavily impacted by the coronavirus, investment prospects in these areas have declined sharply. This has increased the ante for Indian markets as it is expected that ex-pats will increase their emphasis on investment in the home real estate industry.
In addition, the recent reduction of the Repo rate by the Reserve Bank of India (RBI) has also made way for ample liquidity to be injected on the market. The lower repo rate is supposed to translate into cheaper loans for borrowers which would enable prospective NRI homebuyers to collect funds.
For the relief to developers the Central Government has advised State governments to invoke the RERA ‘Force Majeure’ provision so that the registration and completion period of real estate projects can be extended by at least six months.
All in all, this pandemic has affected both positively and negatively to the Punjab property market. While the work had been shut for a few months the relief from the government has helped the developers.
People are now looking for ready to move in Punjab property market which can provide them full safety and security. In Punjab, Projects in Mohali, Zirakpur and Derabassi by SBP group can help you in living a safe life. Our project provides proper safety and security to both you and your money.
Our residential projects abide by government rules. Every area in the premises is properly sanitized, people maintain social distancing and also wear masks while outside of their homes. You can talk to our executives to know more about our projects namely ‘City of dreams’, ‘Gardenia’, ‘Elite homes’, ‘Gateway of Dreams’ & ‘Housing park’.
For any enquiry regarding safety measures taken or amenities provided, price of flats or anything else you can always connect with us anytime on different social networking platforms.
