In a recent article in Financial Express,Ravish Kapoor, Managing Director of Elan Group have published his views regarding post covid effects in Real Estate. The outbreak of COVID-19 has created a global health crisis, and its economic impact is also bigger. The abrupt halt of urban activities has led to a demand, supply and market shock. Reports suggest that the Indian GDP took an immense hit as its three major contributors – private consumption, investments, and external trade — were affected. These effects have percolated to all sectors, and real estate is no exception – constructions were stopped for a month at the project sites and so were the sales.
Speculations suggest a rise in the number of fence-sitters and delay in decisions on large investments like real estate, which may further escalate the agony. While retail and offices might take a little more time to be ‘Business as usual’, realtors are gearing up for the ‘new normal’ once the lockdown is over. According to a Savills report, the post-COVID-19 scenario will give a fresh start to the realty sector with a renewed vigour. The commercial realty is expected to bounce back once the lockdown is lifted.