COVID-19 has shaken up lives of people all across India and Globe. Schools/Colleges are closed, Companies and offices are allowing staff to work from their home – it seems like the whole world is in the phase of adjustments including the sector of real estate.
Adjustments in the real estate market are trickier amidst the pandemic, but not impossible. If you need to sell or buy a property during the COVID-19, you can still successfully do so – but with some adjustments.
Housing sector
Price growth to be muted as sales may decline in the near future
After the first phase of the COVID-19, the real estate market took some time to be stable. The prices and sales were already not that promising due to liquidity and money crises. The demand slowdown in the housing sector has already curtailed the sales, new project launches and prices growth in the reality sector after first phase of COVID-19. The real estate sector which was already reeling under the pressure caused by the RERA, GST, Demonetisation and Benami property law; now this 2nd phase of Coronavirus outbreak will further mute the price growth in the near future.
Homebuyers
Increased usage of digital medium for house hunting, project shortlisting; cheaper home loans.
With this lockdown situation in almost all parts of the country, people are bound to stay at their home for safety purposes. This situation comes with a chance of having a look at the property market in the digital form of it. Nowadays both buyers and sellers of the property are adapting the products such as virtual tours, video calls, e-books, pictures and online booking platforms to sell and purchase of the property as per their needs. Cheaper home loan rates are also helping genuine property seekers to make a quick decision.
Commercial Sector
Office occupancy level may fall as remote working takes over
Since the last year, when the virus infection increased drastically, companies in Indian and across the globe announced remote working for employees to contain the virus spread. Now after the recent lockdown, the same mind set of companies and employees may cause the occupancy level of office to fall further in near future.
Mall Operators
Profit-margins of mall operators to fall in short term amid nationwide lockdown
Before Corona pandemic struck India, as per a projection across the country, more than 50 commercial malls were proposed to be launched but due to COVID-19, only 10% of those malls started their operations. Now as the lockdown further got increased in most parts of the nation, the low footfalls will cause the profit-margins of mall operators to fall again.
Even though the corona pandemic has hit the world quite drastically, but the better days are expected in coming future with growing importance of having a self-owned property.
If you need any sort of assistance in Buying, Selling or Renting a property in Jaipur, you can visit Click4flats.com or call at 7821800800 or send Whatsapp at 9001190019