{"id":296,"date":"2021-09-22T05:51:35","date_gmt":"2021-09-22T05:51:35","guid":{"rendered":"https:\/\/sterlingheights.in\/blog\/?p=296"},"modified":"2021-09-22T05:51:36","modified_gmt":"2021-09-22T05:51:36","slug":"the-impact-of-coronavirus-on-the-indian-real-estate","status":"publish","type":"post","link":"https:\/\/sterlingheights.in\/blog\/the-impact-of-coronavirus-on-the-indian-real-estate\/","title":{"rendered":"The impact of Coronavirus on the Indian real estate and what is in it for the homebuyers"},"content":{"rendered":"\n
\"The<\/figure>\n\n\n\n

In our country, the real\nestate sector has been the second-biggest source of employment, the first being\nthe agriculture sector. It is estimated that the real estate sector in India<\/strong> is expected to cross US$ 1 trillion in\nmarket size by 2030, with a contribution of 13% to the country’s GDP by 2025.<\/p>\n\n\n\n

According to current\ngovernment estimates, by the year 2051, around 88 crore people are going to be\nliving in urban areas of India, a whopping 91% increase from the present 46\ncrores. This will lead to a substantial increase in demand for residential real estate<\/strong>.<\/p>\n\n\n\n

While the long-term story seems to remain intact, the onslaught of the Coronavirus pandemic and resulting series of local, regional, and national lockdowns between March and June 2020 severely impacted the nation’s economy. When the country was trying to limp back to some revival mode came the second wave, seemingly far more severe. The real estate sector, especially in big cities like Hyderabad, was severely affected, with new construction coming to an abrupt standstill due to the mass migration of labour to survive. The industry experts believe that the recovery will depend on how India deals with the Coronavirus and carries out the mass vaccination program.<\/p>\n\n\n\n

The scale of impact as it stands<\/strong><\/h2>\n\n\n\n

Going by a report from India\nRatings (Ind-Ra), while the overall residential demand declined by over 40\npercent in H1 of FY21, the new project launches across India increased by 71\npercent between January and June 2021.<\/p>\n\n\n\n

Whatever the current scenario\nis, developers believe that the sector is better prepared. The pandemic has\nmade one thing clear: it is time to plan for the short term rather than the\nfuture due to uncertainty within the market.<\/p>\n\n\n\n

Here are four reasons which come as a relief for real estate developers<\/strong> and are beneficial for home buyers:<\/p>\n\n\n\n

1. Gradually firming up of prices<\/strong><\/h3>\n\n\n\n

Demand and supply have shown signs of recovery, albeit slow, with new property prices going up in cities like Hyderabad by as much as 5% compared to the same time last year.<\/p>\n\n\n\n

2. Actual buyers: For residence, not investment<\/strong><\/h3>\n\n\n\n

With work from home becoming the order of the day, families started spending more time together. The pent-up demand for residential real estate from home buyers for actual residential purposes and not just for investment or realty value appreciation came to the fore, providing relief to the real estate sector.<\/p>\n\n\n\n

3. Attractive home loan interest rates<\/strong><\/h3>\n\n\n\n

Homebuyers are regaining confidence within the realty sector despite the Covid-19 pandemic-related slowdown. Amid the RBI continuing to remain the repo rate unchanged at 4%, homebuyers can get home loans for as low as 6.65% annual interest compared to eight seen in January 2020.<\/p>\n\n\n\n

4. Buy properties from wherever you are<\/strong><\/h3>\n\n\n\n

Like all other industries, the\nreal estate sector saw a big wave of digital adoption both by the developer and\nthe buyer, going beyond the usual websites and videos to try & recreate the\nimmersive experience of exploring a residential property! This has helped in\nfaster, smarter scouting, shortlisting, and finally buying properties from the\ncomfort & safety of wherever the buyer is.<\/p>\n\n\n\n

Finally\u2026<\/p>\n\n\n\n

The ongoing pandemic has and\nwill continue to impact different parts of the real estate ecosystem\ndifferently. The human and sectoral resilience aided by favourable governmental\npolicies and positive consumer sentiment is expected to help put the past\nbehind and move forward with much optimism.<\/p>\n\n\n\n

Sterling Heights<\/strong><\/a> premium open plots in\nHyderabad<\/strong> presents an ideal destination\nto build your dream homes, and for many others, it’s a lucrative investment\noption. For more details, log onto www.sterlingheights.in\nor call 63663 70422<\/strong>. Today!<\/p>\n","protected":false},"excerpt":{"rendered":"

In our country, the real estate sector has been the second-biggest source of employment, the first being the agriculture sector. It is estimated that the real estate sector in India… Read more »<\/a><\/p>\n","protected":false},"author":1,"featured_media":297,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-296","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment"],"_links":{"self":[{"href":"https:\/\/sterlingheights.in\/blog\/wp-json\/wp\/v2\/posts\/296","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sterlingheights.in\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sterlingheights.in\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sterlingheights.in\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sterlingheights.in\/blog\/wp-json\/wp\/v2\/comments?post=296"}],"version-history":[{"count":1,"href":"https:\/\/sterlingheights.in\/blog\/wp-json\/wp\/v2\/posts\/296\/revisions"}],"predecessor-version":[{"id":299,"href":"https:\/\/sterlingheights.in\/blog\/wp-json\/wp\/v2\/posts\/296\/revisions\/299"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sterlingheights.in\/blog\/wp-json\/wp\/v2\/media\/297"}],"wp:attachment":[{"href":"https:\/\/sterlingheights.in\/blog\/wp-json\/wp\/v2\/media?parent=296"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sterlingheights.in\/blog\/wp-json\/wp\/v2\/categories?post=296"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sterlingheights.in\/blog\/wp-json\/wp\/v2\/tags?post=296"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}