India and its economy were all set to rise from the implications of the first wave of COVID-19 in 2021, but the second wave that hit the country in March toppled it down.
Just when we thought things were getting back to normal, the second wave of pandemic hit the country resulting in a massive surge in cases, and deaths resulted from Covid -19.
As a result, many restrictions, including State-wise lockdowns, has been implemented all over the country. This has inadvertently affected many sectors of the economy, including real estate.
The Indian real estate sector was showing an impressive rate of recovery since the first wave. The first wave of the pandemic has cost the industry almost a loss of 1 lakh crore rupees, resulting in a large number of unsold inventories during the years 2019-2020. Yet, the beginning of 2021 showcased signs of recovery, including a marginal surge in residential property values, among many others.
But the second wave and the lockdown resulted from the same has had a huge negative impact on the recovery path of the industry. Companies are now giving their employees remote working facilities, which results in an obvious fall in office utilisation and thus resulting in a lower work rate. The lockdown has caused a shortage and delays in supplies along with a shortage in labour, delaying many upcoming projects furthermore. Many projects are postponed and delayed, although the possible dates of restarting the same seem highly uncertain.
The lockdown also restricts the movement of potential buyers, resulting in them postponing their purchase plans. This is also a result of uncertainty in various job sectors due to the pandemic, which enables potential buyers in rethinking their spending on non-essential commodities like properties. Even the buyers who are interested are unable to act on it considering the situation.
The pandemic has also adversely affected the sales of luxury and high-value inventory. Metro cities like Bangalore, Mumbai and Delhi, which happens to be key cities to the sector, is facing a drop in property registrations due to the same reasons.
It's no secret that real estate was one of the industries majorly hit by the pandemic, especially the commercial sector. Because of the lockdowns, many were confined to their homes, and the influx of work from home options made the populace depend on their houses more than their offices.
Though the commercial segment faces a great low, the residential segment too had its fair share of complications and downsides. As most people understood the value of homes, many renters had an urge to be homeowners. However, there was also a segment of people who were worried to make a huge commitment when the whole economy and job market were volatile! This also hugely impacted on Co-Living sector too.
More than that, the lockdowns slowed down the logistics sector, hence swindling the construction sector down as well. The cost, maintenance, and miscellaneous expenses of the raw materials skyrocketed, thus shaking the very base for upcoming developer groups. Only a few powerhouse brands and realty titans survived both the waves. Thus leading further into unemployment with the real estate sector as well.
But at the same time, it emerged as a Consumers Market as there was an increased push by the fraternity and government to attract customers back. This time frame witnessed a great reduction in Interest rates and registration (stamp duty) charges across the country. The RERA extensions, too, gave out a much-needed boost.
As mentioned before, the work from home phenomena made most of the professionals go back to their hometowns, which further scaled up the residential sector of both Tier 3 and Tier 2 cities along with many rural markets as well.
As most of us were forced into our homes, we started to dwell more into the online world. The digital realm became synonymous with our real lives, and from education, buying groceries, entertainment, everything shifted to the online world. So in such a world, exploring or buying properties too became the norm. Thus began the incredible exodus towards real estate digital marketing, proptech and data science in India.
The country's common man now explores properties, too, just as he surfs for a shirt or shoe because of the influx of apps and realty websites. "Window Shopping for Homes" has become a norm now, and these digital sources made real estate a lot more closer to the ordinary folks.
As mentioned before, the digital platforms, vaccine drive and the sentiments of buying a home both can definitely accelerate the sector within the upcoming months.
Though the sector is down, it has also become a buyers' market with many great boosters, like tax and stamp duty aids, as mentioned above, promoting active sales.
And many of the buyers who brought homes during the first wave and subsequent period benefitted more now as the current rise in petrol prices will surely increase the prices of raw materials that affecting the overall project prices too. Hence now many customers, especially in the metro cities, are making quicker decisions and buying fast to save a great margin.
Now, Ready to Move projects are getting more prominence in demand as Work from Home became the norm. However, this will further help the buyers who choose under construction, and new launch projects as many developers will give them favourable schemes and deals.
CREDAI and the government, too, has initiated many programmes to vaccinate the construction workers and the realtor personnel to ensure safety and thus bring in more customers back to site visits. There are provisions for 3D or Virtual Site visits as well.
Thus in more than one way, the real estate sector, especially the residential segment, is trying for a bigger comeback.
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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.
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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.
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