The second wave of Covid 19 has yet again disrupted the supply chain of the global market. As far as the realty sector in India is concerned, the recovery of realty estate which was beginning to show signs of recovery has derailed from the path. Property experts say that property sales in the realty sector have decreased since April. However, this situation could have an adverse effect on the realty sector in India if the number of cases of infections is not sustained. As India continues with its vaccination drive, there is a positive impact of the program on real estate. With the impact, today the real estate executives are facing a tough time marinating their liquidity and the value of keeping their tenants with proper safety measures. The tenants are also burdened with the deferment they might face or lapse in their lease payments due to liquidity pressure. The market is expected to pick up its pace in the transaction volume when it enters the recovery phase.
Sources from Knight Frank’s global survey reports that occupiers are looking for offices to increase employee wellbeing, collaboration as well as talent attraction. The Indian corporates can expect the pandemic to influence the strategy of the realty sector in the next three years. This can be a good opportunity for occupants interested in Commercial office spaces in Mohali.
The market looked strong with good leasing activity and availability of capital before the pandemic arrived. However, executives of real estate are now identifying the best way possible to recover the losses they have incurred with the opportunities coming into their way and the availability of capital. It is important to create a mix into their management dimension to tackle this situation of crisis. The people and tenant’s safety is of utmost importance for the real estate executives and the short-term need must be met. The real estate must thrive upon the remote working processes.
We Have witnessed the blessing digitalization has been in this situation. The effective strategy in decision-making responsibility- “work from home”, has brought into light new efficient ways of working. Digitalization has paved the way for remote working during the global pandemic. This has lead organizations to shift and implement new strategies implementing digitalization. Multiple revenue targets have been met in trade and commerce.
Observing the current trends of buyers in the supply chain of the realty sector, the demand for real estate property may decrease as well. Moreover, in spite of India’s apex bank’s decision to maintain a status quo on the policy rates as of 7th April, banks like SBI decided to increase the home loan interest rates. However, as India continues with its vaccination drive, there is a positive impact of the inoculation program that will be evident on the real estate sector. The economy can expect some recovery this year. According to the Indian Brand Equity Foundation (IBEF), Indian real estate is expected to reach USD 1 trillion by the year 2030 and will contribute to 13% of the GDP of the country by the end of 2025. The residential sector is expected to grow under the PMAY scheme of the government with an FDI of up to 100% for township and settlement projects by the government. Thus growth can be expected in the demand for commercial-office space due to the suspected rise in the residential housing units.
Even though the impact of covid 19 on the realty sector in 2019-20 was devastating, 2021 presents optimism and hope for better days leading to recovery. The rising demand for residential properties can be seen as a result. Thus if you are looking for property near Chandigarh then the residential flats in Mohali developed by the VRS Group can be the right choice for you. VRS is a renowned realty developer who has developed several sustainable GMADA approved projects in Mohali and Chandigarh.
