How Covid-19 Has Affected The Real Estate
2020 is not easy for anyone. Many of you have a dream to buy your own home. But the pandemic is not to let your dream come true. Don’t worry; we also have a dream to fulfill your dream in your budget. We are available with spacious and luxurious 2 or 3 BHK flats in Jagatpura Jaipur in the budget.
Pandemic Covid-19 has changed the world in the ways of Myriads. The market touches low all times, the economies of countries have become stagnant and millions of people lose their jobs throughout the industry. Real estate industry is not an exception. Pandemic Covid-19 has disrupted the real estate sector too, which is in the curve that has increased over the past few years.
Last year the housing and commercial sectors recorded a low number of new launches, sales, purchases, or transactions. The lack of raw materials and labor may be the main reason behind this slowdown.
Below we have mentioned several sectors under real estate and the impact of Covid 19 on them
Covid-19 Impact on the Housing Market
Pandemic affects the demand and supply of real estate property on the market. But to revive demands, the government has taken the main steps. In the past, this center has announced a higher tax farewell and lower interest rates on home loans to make purchases more profitable, apart from preparing RS 25,000 crore stress funds for jammed projects.
Covid-19 Impact on Home Buyers
Along with the housing market, the Covid-19 pandemic also has an impact on home buyers. Prospect / property seekers cannot or do not want to visit locations physically and have resulted in delaying their purchasing decisions.
And lately, we have seen a large amount of labor that is dismissed from their work which also makes property seekers not sure if they have to invest in property or not.
To encourage buyers, the government has lowered home loan interest rates and the RBI has announced several interest rates, bringing the 4% repo level.
In a survey conducted by Somyabuildcom.com, 53% of respondents said they had put their plans to buy property for only six months and plan to return to the market after that. Nearly 33% of respondents in the survey also said they had to improve their homes, to work from home. In the survey of tenants, 47% of respondents said they wanted to invest in property if the price was correct.
Impact of Covid-19 on Builders / Construction Companies
Builder / construction companies are people who have a negative impact during the Covid-19 pandemic. On the one hand, the lack of raw materials and the workforce delayed the solution to the project and on the other hand, the buyer did not want to invest their money. With 1000 stocks that are not sold and further delays in the ongoing project completion, the overall cost for developing the project increases.
To improve the government’s real estate market announced a number of steps in the Corona-specific stimulus package and EMI vacation for builders during the crucial period.
Covid-19 has an impact on warehousing
On the basis of assumptions, after a pandemic, the e-commerce industry will see a significant increase. And based on this projection the warehousing sector will stand very much.
The most important growth will not only be limited to major cities, but it will also spread throughout the nation. And this can be very useful for Tier-2 and Tier-3.
Impact of Covid-19 in Office Space
Pandemic Covid-19 has greatly affected this sector. Because of the emergence of contamination risk, companies around the world announce long-distance work for their employees. Even though people gradually rejoin their work sector, a question still exists whether this remote work culture will replace office space?
In 2020 had a distant range of range in many sectors, especially because of the pandemic that brought the economy to traffic jams. The real estate sector is also not an exception.
But as an experienced real-estate developer in Jaipur, Somya Buildcon has held its grounds firmly and successfully launched two new residential projects- Somya Sky Crest and Somya Sky 5 in the year 2020.
Recently we have also seen that skilled people and professionals who have migrated to other cities in India are returning to Assam, where they hope to build their careers from now on.This is also a positive sign which will urge the demand for housing properties in the upcoming.
We- Somya Buildcon have launched our new project Somya Sky Crest at Jagatpura. If you are looking to buy a 2 BHK flats in Jagatpura Jaipur, in the heart of the city, visit www.somyabuildcon.in for further information.