The spread of COVID-19 pandemic is increasing by the day. Countries around the globe, even the most powerful ones are struggling with the virus outbreak, trying to get the condition under control. To curb the issue in India, the government imposed a nationwide lockdown, closing all non essential businesses, stopping any type of social activity, inter-state movements and more. From practicing social distancing to staying indoors, the government is time and again informing the citizens to follow the lockdown rules religiously. Even the top contributors in India’s economic growth – the real estate sector’s operations have been halted, ever since the entire population of India went under severe restrictions since March 24.
Now this has left people who wish to Buy property in chattarpur or those who already own property with various questions. The biggest one being, what is the future of India’s real estate market? Will our money be safe? Should I still consider investing in real estate? As time will go by and one will not get proper insight into what’s happening, the questions will keep in increasing. However, there are three ways that one can use to predict the real estate future in India and that is:
· Labour
· Finance
· Demand
The real estate industry is facing liquidity crunch due to current situation and there are a lot of flats are unsold and properties under construction. However, the Finance Minister Nirmala Sitharaman has announced that a fund will be created to provide financing to many stalled housing projects.
Let’s discuss the above mentioned factors in detail and learn how one can assess real estate market’s condition with these.
Finance
Financial flow could be an issue for various real estate developers and some can even face a setback for years. However, there are many real estate companies who stay well prepared for unforeseen circumstances, meaning they have the necessary funds to resume the construction work at the earliest. With a new fund being created to help real estate industry, facing a financial setback won’t be on cards. It is pretty safe to assume that the developers and Real estate firm in Chattarpur will be able to start the construction in full swing at the earliest, without facing any severe cash flow issues.
Labour
For every construction work labourers are needed and the real estate industry depends heavily on skilled and unskilled workforce. There is a lot of discussion going on over this thing as what is happening with the workforce currently and how it will impact the construction. One thing that investors must be certain is that labour won’t be an issue during this pandemic. This is because a large number of human resources are still at the worksite. Various developers are planning on to give them construction activities to keep them occupied and continue with the construction work during the lockdown situation. It is a great way of avoiding major economic losses as a result of stoppage of work at sites.
As trains and buses are not currently working and the borders sealed, the migrant workers will not be able to return home. This means that once the lockdown period is over and the work will start, developers won’t have an issue with getting the labour back and working. Those who have gone home, that are a very small component of migrant labour that will not impact the work due to labour shortage.
Also, various companies have created temporary shelters for the labourer, providing them with food and other necessary things and also discouraging them to travel back home during this pandemic situation to control the spread of the virus.
Demand
There can be delays, even in the well funded projects. However, this doesn’t mean that the demand for real estate will go down anytime soon. People realize how lucrative real estate investment is and the investor can also earn a steady income by renting 3bhk flats in chattarpur and other properties. As lockdown has caused a major setback and majority of the population will deal with financial issues, there aim will be to invest in the real estate, even the smallest amount of money they are left with to earn better income in times to come. As the market is quite unsteady, a lot of people are also hoping for real estate prices to go down so that they can get the best property in lesser amount of money.
As there will be lower return in investments like mutual funds and stocks, people will be more encouraged to invest in real estate.
That being said, if you plan on investing in real estate or already own property, there’s no big risk that you must concern yourself with. As soon as the lockdown period gets over, real estate industry will soon come back in its original shape and might even bloom more than before.
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