The Novel Coronavirus is perhaps one of the greatest threats the world has faced in the 21st Century. But how will it fare for the future of Indian economy 2020? What is the economic impact of COVID-19, especially in Indian Real Estate?
Before getting into details, we'll have to accept that things will never be the same again!
The COVID-19 much like it's predecessors such as the Black Plague of the 1350s and the Spanish Flu will forever alter the pace of the world and its growth.
The world was unifying with the help of technology and blending cultures, languages, and people onto a new path of progress. Countries such as India, with its youthful populace and digital prowess, were making tides undreamable to even the most developed nations across the world.
Sectors such as Retail, Rental Services, Commercial Real Estate, and Digital Technology Services were ruling the roost of Indian Economy Pre-Covid19.
India's major economic and technological zones, such as Bangalore, Mumbai, and Hyderabad, became the cradle of Indian Start-ups and a favorite hub of International Brands. These were the major factors backing the rise of Commercial Real Estate and Digital Technology Services.
Click to Read More about the Union Budget of 2020 and it's Impact on Real Estate
However, as soon as Coronavirus spread from Wuhan, China, it's impact was felt across the world, including India. However, the tremors were never fully realized until a month later, when COVID-19 claimed it's the first victim in India, on January 30th.
On March 24th, Indian Prime Minister Shri Narendra Modi ordered a nationwide lockdown following the success of the Janata Curfew on March 22nd.
It was initiated to contain the spread of the deadly Coronavirus across the Indian landscape.
However, for a growing economy like India, this was a colossal strike down. The lockdown in India became a double-edged sword which, while saved lives, also became a threat to the financial survival and future.
It even thwarted scholars attempts at making Indian economy predictions and baffled most of economists regarding the future.
Many industries are severely hit, and it is rather hard to ascertain the future of Indian economy 2020. The major industries which will be hit by the COVID-19 and lockdown will be Apparels, Consumer Durables, Automobile Industry, Restaurants, and Hotels.
However, specific industries such as Healthcare, Pharmaceutical Manufacturing, Waste Management, Telecom, and Media is bound to showcase unprecedented growth in the coming years.
In the real estate industry, both the residential and the commercial segments will have to face a mild impact. But more than the residential sector, the commercial section will have a higher hit rate because of the work from home scenario.
Most of the companies, especially the technological and digital firms across the country has realized that by enforcing a work from home culture, they are still able to retain the quality and quantity of workload.
Most of the companies are allocating funds to create personalized workspaces for their senior employees at their homes rather than spending it out on more commercial spaces.
Though there are chances of a severe recession across the globe, with many of India's major trade allies such as Italy, the USA, and China spiraling down due to COVID-19, specific sectors such as Real Estate, Media and Food Retail would only be mildly affected.
Food Retail would now have a higher market rather than directly dining out because of the hygienic culture we've grown accustomed to. The future of indian economy 2020 will rely heavily upon retail industries which again depend upon digital platforms.
This is mainly because Real Estate will be seen as the next proper investment option when the stocks and debentures will fail to perform. Real estate will double as an asset as well as long term investment. Furthermore, residential real estate does not have the backing of foreign investments compared to the commercial sector, which will remain in a rather lukewarm state.
The major players of Real Estate would be the Home Buyers. They will have the power to call the shots over developers. However, this will undoubtedly take a toll on the developers as they will have to sell off the properties at a lower rate to keep the flow going onward.
This would be essential to continue the momentum for under-construction projects. However, we can expect a lag in developers announcing new plans anytime soon.
The Homebuyers will also make use of the market trends and will invest more in real estate as they will be more confident of the value of Real Estate. If one observes the track record of real estate over the financial crises and the recessions over the years, it is evident that it bounces back with even higher prospects than any other sector of the economy.
Though the government ignored the sector except for the Affordable Housing Sector in the Union Budget 2020, it will be forced to accept the rising demands. It will further boost the tenets of home loans, making it favorable for ordinary citizens to attract more investments.
Click To Know more about the Best Affordable Housing Projects in Bangalore 2020
The payment schedules will probably be more flexible and extension of PMAY and income tax related benefits.
Furthermore, this will be a considerable boost to Real Estate Technology as there will be more of digitalization in the homebuying process. This will be boon to Proptech and Data Analytical Startups. The comeback of real estate will help in the upliftment of various other related industries, such as manufacturing and construction as well.
Since China has already lost its domain as the world's cheapest manufacturing and labor providers, the world shall turn it hopes to India. The governmental schemes such as Make In India and other related sectors will also see a rise in the coming years, thereby making our country a leader in the job market.
Once all the clogs run up together, we will witness further foreign investments in India, thus slowly aiding in overcoming the coming recession.
Foreign Investments will also boost back the commercial real estate sector, thereby making an overall rise from the ashes. Thus the future of Indian economy 2020 will rely heavily on the Real Estate sector.
As they say, " Real Estate will never go out of Style" & it might prove to be the redeemer!
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Well, we are aware that real estate has never exactly been one of those binge-worthy blog categories. It has neither been the kind of topic you could not get enough of, nor is it half as juicy as celebrity gossip.
However, in India, real estate blogs are starting to get clicks and likes, and it has become one of the trending topics. People worldwide are beginning to realize how real estate as an industry affects the economy and how important it is to understand housing trends to enhance their lifestyle.!
The relevance of informative Indian blogs on real estate and finance are at an all-time high now. The youngsters are bidding big on investment options, and brackets such as realty have proved to be highly dependable compared to others.
The Millennials are flooding in to invest in apartments, plots, and villas, and the earliest members of the Gen-Zs' entering the workforce and looking forward to having their own homes. This has only fuelled the growth of digital real estate blogs to keep up with the tech-savvy generations.
Also, the real estate sector has been proving time and again, how reliable an investment choice it is. So, learning about the sector is the smart way to climb up the ranks, and where else can you learn so much except from real estate Blogs! Real estate is the second-largest contributor to the country's GDP; hence there is no doubt that it affects every one of us, whether we see a future in the Real Estate Industry or not. After all, we all live in our homes, and housing is a significant part of the industry.
We know exactly what you need to know and what you like. We know you want to feel engaged and entertained, and at the same time, hot housing news should be fed to you! We have turned the tables, grab a spoon, and start digging!
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As our name implies, we are not limited to realty alone, granted we do Specialize in it. We are all about Homes, and we are in love with Tech and Innovation! Naturally, our blogs cover a myriad of topics related to real estate and housing from Luxury, Lifestyle, Home Decor, Vastu, Real Estate News, Reviews, Tech & much more!
We make every one of our real estate blogs as interesting as it can get and attach with absolutely unique and accurate images, to provide you a better understanding. Not only do we cover a wide range of topics, but we also cover them at the right time. We update you on our socials such as Facebook, Instagram, Linkedin, Pinterest, and Twitter on every trending topic, so you are never miss anything and worry about being left behind!
However, we never go out of hand with our Indian real estate blogs that our beloved Readers have come to love over the years.
Everything in India is a state of constant flux; maybe that's why we Indians became one of the most adaptable and cosmopolitan people in the world!
If the nation's elements are shifting its focus, how can real estate be any different? Indian Real Estate Sector is perhaps one of the most dynamic ones in the entire world. Since the Real Estate in India is yet to be organized entirely, the variations in one segment affect another in ways difficult to comprehend.
The complexity and nuances can be understood only by reading about what is going on in the sector. Like we mentioned above, it affects every one of us. Hence it is essential to keep up to date.
With its ever-changing shifts and tides, it's virtually impossible to keep track of the sector's latest trends and sink our anchor deep. That's where we come in! We are just one google search away!
We also try to solve every home-related query through our Indian real estate blogs. And that's not all. We provide you insights on technologies that make the modern taste and rate of development possible, detailed analysis on real estate projects, insights on loans and taxes, advice on the home buying process, and articles on health and fitness. We provide you information about the trending topics in the Indian real estate industry.
We also host video podcasts named Expert's Voices, where we discuss with the leading players in the industry about market scenarios, offers, anything and everything related to real estate.
In addition, we host Real Estate News so you can stay updated on the sporadic events that happen around the country concerning Indian Real Estate. We also make short and easy to understand real estate video blogs.
We have got so many topics to read about that even if you have years of experience or are just curious and googling to get some ideas about Indian real estate blogs, you will find the best ones here.
At Homes247.in, we strive to provide you only the best real estate blogs. Our blogs are always entertaining; even the dullest subject we touch upon, we try to make it engaging. We make sure the best of the best is are the only standard we keep ourselves at when it comes to our service or our Indian real estate blogs.
Our team is made of a dynamic group of keen hands-on expert researchers who work tirelessly along with passionate and knowledgeable content writers to bring to your fingertips the world of real estate.
On every one of our real estate blogs, we research vigorously, write creatively, carefully compile, and thoughtfully curate the best real estate blogs, especially for you, from India's best content writers and contributors.