The coronavirus or COVID-19 pandemic has already impacted the trade and industries on a large scale across the world, and the real estate sector is no exception. The demand for both commercial and residential real estate has taken a beating, with the pandemic unlikely to change its course in the near future.
Having moved beyond its point of origin to the rest of the world, the COVID-19 was declared as a pandemic by The World Health Organization (WHO). Several countries have imposed widespread restrictions on industries and the real estate sector hasn’t been spared either.
However, the most threatening factor is the long-term impact of this global shutdown that cannot be measured at this juncture. A number of festive seasons were about to begin in India, which are considered suspicious for launching new projects and buying properties. This year, the story is going to be different and the trend is going to change before the market comes to life again.
Some developers are looking to complete the existing projects in the meantime. However, the restrictions haven’t allowed that to happen across many countries. The only option left for the Indian real estate developers is to opt for digital launches, allowing customers to request site visits online.
The number of inquiries related to real estate have gone down in the country. The buyers and investors are circumspect, as the authorities have taken the COVID-19 pandemic seriously in India. The situation may worsen in the coming days, making it nearly impossible to predict the state of real estate industry when the things get back on track.
At this juncture, it would be premature to estimate the loss to the real estate industry. However, the current pandemic could well be followed by a silver lining for the ailing industry. What remains to be seen is how the industry responds to the aftermath of deadly COVID-19.