Industry experts are projecting the demand to surge and move to the pre-covid situation sooner than later
Leading developers and industry experts are happy with the increased transactions and positive consumer demand in the realty sector after the lockdown. Even the most sought-after individuals are upbeat about the future of the sector as financial institutions are also playing a crucial role to make the funds available to the sector.
At this juncture, the developers are looking for unprecedented growth, as the pandemic is not over by any means and it will require a decent positive trajectory to overcome the remaining challenges.
“There is a positive sentiment visible across the economy, and as GDP growth happens through the V-shaped recovery, the aspect of recovery in commercial real estate, especially office spaces, remains a concern in light of ‘work from home’ as also ‘work from remote location’,” said Niranjan Hiranandani, national president, NAREDCO.
“Home loan interest rates are at historic lows; some states have reduced stamp duty rates. What is also needed is support for project finance, and I hope positive steps happen and soon,” he added.
On the other hand, when it comes to commercial real estate, the companies are slowly, but gradually thinking about expansion and working in full capacity, a factor that is fueling the demand in this particular segment. As a result, the experts are projecting the demand to surge and move to the pre-covid situation sooner than later.
Overall, the real estate sector is well and truly moving back to track and the trend is likely to continue with favorable environment being created for the organized players to make a mark in the coming months.