Impact of Coronavirus on Indian Real Estate

How Coronavirus Impact on Real Estate in India?

Indian Real Estate Market was passing through a rough phase for a long time, rather since the time demonetization as enforced. Cash money was the blood of the Real Estate Business, implementation of demonetization was like taking a blood out of the body killing the lifeline.

After the rough phase of demonetization, the industry was about to come out of the slump and GST was brought in, effecting into price hike because of tax implementation, again Real Estate was hard hit.

Once again it started coming out of the hard-hit GST effect and RERA was brought in to control the highly uncontrolled market, it again went off the track, but this time the effect was positive. People started accepting RERA as a game changes for real estate and a positive sentiment was developed. A sentiment of trust was developed between the builders/developers and property buyers.

Impact of Coronavirus on Indian Real Estate

People at large and real estate investors, developers, builders, and land bank holders especially were planning strong for future development. The worldwide road map was ready, some of the developers were at the final stage of making the big-time announcements and from nowhere Coronavirus started spreading like a wildfire.

Coronavirus OR Covid19 as we know it created havoc in the global market and thus pushing the entire world economy into a global recession. It pushed the world back by almost 5 years.

Amidst the world over lockdown of cities, countries and entire nations, the worst-hit again was real estate. The only segment making profits was Pharmaceutical and Associated industries. IT and IteS was affected but the “Work from Home” policy of companies helped them stay afloat during this pandemic. 

Again the worst-hit is Real Estate. During those tough times, people will hardly change OR buy a new property.

Especially talking about Indian Real Estate Market, we are pushed back by a couple of years. Real Estate will take time to revive amidst these turbulent times of uncertainty. Now, people at large will first secure themselves with enough medical insurance covers along with their families.

Thinking and Acting on real estate transactions will be the last priority now unless there is a strong need to buy or switch a property.

Indian Real estate market was as such passing through a tough time because of these back to back Government Policies and now because of this global pandemic, it has furthermore pushed into the dark situation with no hope for its revival soon.

Big time transactions that were initiated before 15th March are put on hold till further notice or with severe deferments which may lead them to call off the deal OR take it further with much more stricter terms and condition of payment. No major movement is seen currently because of these global corona viruses which has pushed the world into long term recession.

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