SOURCE: Good Returns
Second Wave Have an Effect on Real Estate
The country is experiencing the second wave of coronavirus infection, and the business community is concerned about the consequences; the real estate industry is watching the situation closely, but realtors believe that everyone must work together to limit the second wave. Given that the government has indicated that a total lockdown is unlikely, the industry feels that a brief lockdown will have little effect, given building stock stays on the sites and sales continue online.
The industry is prepared to deal with the crisis, having gained experience over the previous year. Manoj Gaur, Chairman and Managing Director of the Gaurs Group and Vice President – North, CREDAI National, said, “The residential real estate industry in the nation is gaining momentum as a result of several measures implemented by the national and state governments, the RBI, and banks.
The first-quarter increase in supply figures reflects this positive change, showing that developers are more optimistic in terms of liquidity support and consumer attitude. Following the second wave, the current scenario is anticipated to significantly inflate real estate demand. The stability and use of real estate assets are well understood by the public, especially in light of the experience in 2020 with many alternative investment vehicles, and NCR will continue to generate strong sales in the next months.”
Sagar Saxena, Spectrum Metro’s Project Director, expresses, “Demand grew following the economy’s partial opening, thanks to government stimulus and RBI liquidity measures. The situation improved significantly as other developers struck profitable deals. Nonetheless, the good outcomes of the 2020 crisis will provide the groundwork for the real estate sector’s growth in the coming months.
Demand would be driven by the need for larger residences inside an accessible, sanitary, and green complex with services such as healthcare, daily needs, and daily refreshment all within walking distance.” While some speculate that the second wave may bring prices down, the sector is unified in its assessment that there is no chance of a price fall. Construction costs have grown by 5% to 6% as a consequence of procurement challenges, supply chain interruptions, rising raw material costs, and increasing health and safety expenses as a result of the global crisis
“Real estate prices are at an all-time low and are expected to rise in the future. Prices increased somewhat in a few markets in 2020, including Delhi NCR. However, real estate is becoming more accessible as a result of low home loan interest rates and stamp duty reductions in several states. The time to invest in real estate is now, since prices are projected to rise in the near future “Kushagr Ansal, Managing Director of Ansal Housing and President of CREDAI – Haryana, agrees.
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Second Wave Have an Effect on Real Estate Second Wave Have an Effect on Real Estate Second Wave Have an Effect on Real Estate Second Wave Have an Effect on Real Estate Second Wave Have an Effect on Real Estate