According to several reports from international real estate consultants, home sales in the quarter leading up to March had exceeded pre-Covid levels. But since April and May, sales have been impacted by the second wave and a recovery is expected after June. “Without a doubt, clients have become cautious and postponed their decisions amid the imposition of further state restrictions, but we expect a rapid recovery in investor sentiment, followed by steady growth in the real estate sector in the second half. semester 2021 “, said Rahul Singla, director. to the Mapsko Group.
Developers are also now better prepared to deal with the ongoing pandemic. “It’s a temporary hiatus but we are in a much better position to deal with the disruption,†said Ashish Sarin, CEO of AlphaCorp. “The Indian real estate sector is now a buyer’s market and the on-going vaccination program is boosting the confidence of homebuyers. We will see a constant flow of investments that will guarantee growth opportunities with higher returns. ”
The real estate sector has recently seen growth, and not just a recovery, with strong demand for ready-to-move homes.
“The pandemic has impacted sentiment and reduced voluntary spending,†said Arman Chaudhry, executive team member and spokesperson for Omaxe Ltd. social relationships no matter how hard the virus hits in that wave. ”
The developers say the situation is not as bad as it was in April 2020. “The real estate industry is better prepared now and has already adapted to digital tools,†said Abhishek Pandey, vice president of customer engagement and distribution at Viridian RED. “The impact is expected to last until the second quarter of FY21, after which we hope that the situation will start to improve, giving the industry a boost. ”
