As the real estate sector started to recover after the first wave, there will be a solid recovery once the lockdowns are lifted, and the virus is tamed efficiently.
The Coronavirus crisis in 2020 has affected every sector of the economy, and the real estate sector was not spared either. Owing to the movement and sourcing restrictions, the real estate and construction sector faced severe hardships. The sales figures plummeted, and the homebuyer’s enquiries were at an all-time low. However, the real estate industry has pinned hopes on the mass vaccination programme by the Government. Once the virus is successfully tamed, the industry will gradually start to recover.
In an exclusive interview with 99acres.com, Aditya Kedia, Managing Director, Transcon Developers, shared his insights on the resurgent pandemic and its effect on the real estate industry. He avers, “Though the Coronavirus posed significant challenges to the entire economy, it will come to an end eventually. As after the first wave, the real estate sector bounced back and started to recover with increased sales and enquiries; the industry will start to recover as soon as the virus is effectively tamed. There was a segment of homebuyers who did not go for home purchase as they hoped for downward price revision. However, there is a feeling that the market has bottomed out and the real estate prices will not fall further. It is the right time to make an investment. Although the resurgent pandemic has slowed down the home buying process, we expect that as soon as the lockdown is open again, the demand should bounce back. We expect that the Government will provide a further reduction in the stamp duty rates to speed up the recovery process.