Impact of Covid on Real-Estates

 

Impact of COVID-19 on Real-estate in India

Novel Coronavirus has been termed the “Black Swan”. Being rare, this pandemic has globally made a drop in many spheres. Concentrating on the Real-estate, we notice a surge in production all over the world.
India being the second largest producer of goods however has to import steel and coal from other countries and the major being China.

China- the epicentre of COVID-19

Its production has  decreased drastically in the recent period. Hubei ( where Wuhan is located), has shut down all its manufacturing units. Plastic, steel, fibre, coke; and all the significant material for building purposes are on a toll So, if you were to buy a property, hang in there cause you have to plan everything once again!

India's Conditions on the grounds of Real-estate

In India’s 120 million population, it is an ordeal to manage the supply chains. Looking at this festive season, where occasions like Gudi Padwa, Mahavir Jayanti and Navratri boosts the economy as the buyers believe the purchase to be a good omen and blessings, both the developers and purchasers have taken a seat back on their plans. The projects have been abruptly adjourned due to the lockdown throughout the country.

However, if we look at the other side of the coin, we notice that it is a good opportunity for Indians to uplift their companies and give a raise to the 'Make in India' scheme. Doing this would not only strengthen the economy but also help other countries in their hardship as we can export goods in a proper way.

But things are easier said than done! Pondering about this point we see there are lack of labourers as they have gone to their hometowns and villages in the curfew for COVID-19. Researchers have found from the statistics and graphs that there is a dip of about 42%  in the field of real-estate in 2020 as compared to the year 2019.There are delays in decisions because people are unaware of the longevity of the crisis cause they have to replan everything accordingly.

There are postulates on which people have to think nowadays which includes the post-lockdown measures, their budgets, EMI( Equated Monthly Instalments), the market rise and fall and many more. We notice that the intermediate processes such as site visits and confrontations have also come to a halt. These things are been done online which may or may not be reliable.

The inferring point

Thus in a nutshell we can conclude that the topic is very important and sensitive as it is strongly related to financial terms and the country’s economic rate. The only recovery method left is to wait for this crucial crisis to end as soon as possible and contemplate our future plans wisely. Meanwhile, taking necessary precautions which would prevent Coronavirus and not hamper the coming time is equally vital.