REAL ESTATE IN POST COVID TIME

The year, 2020, has brought a major halt in various economic activities. The COVID-19 pandemic has forced businesses to slow or even shut in most of the cases. The detrimental impact of the pandemic has canvassed the real estate business under it as well. The second quarter of 2020 was the most impacted as new launches in this sector went below the 2013 level, ANANROCK H1 2020 PAN India Residential Market report says. The residential projects which were to be rolled out by 2020 are likely to be delayed. However, as the pandemic curve gets flattened, things are slowly returning to normal. In the post-COVID time, the industry’s eyes are fixed on laborers, who are going to be the key in the recuperation of the real estate business. With work in the sector starting slowly, companies have started to provide dry rations and health kits to the human workforce working at sites for them. Most of the laborers, who had migrated to their home states, are returning to the work sites and raw materials are also being made available.

Another factor that holds the key is the government’s policies for the redemption of the real estate sector. The companies are keen to align their policies with those of the government in order to work in synergy for the sector’s betterment. Also, there’s a need for the incorporation of new technologies in this sector and, creative disruption is what the real estate sector is craving for. However, speculations are rife that people may do away with the tradition of living in crowded areas. The demand for satellite townships may see a surge. Social distancing can be the most desired feature in the post-COVID time. Extra stress is likely to be laid on the safer air conditioning of the properties, appropriate spacing in elevators, etc.

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