Just when things seemed to be looking up and all the sectors had started recovering from the first wave, the second wave is now at its all-time high and may very well delay the recovery for the sector. A sharp surge in daily cases has led to stricter lockdowns in many nations. As per some reports, the pace of commercial activity resumption has taken an enormous knock thanks to the mobility restrictions. Since the 2nd week of April, the economic situation has gone worse and therefore the overall impact is probably going to negatively affect the GDP growth within the first half of this year.
Impact on Real-Estate
The challenges posed by the second wave of COVID-19 infections in India are probably going to derail the important estate sector from the trail of recovery. The demand is likely to go down and the sales are expected to take a hit.
The scenario after the recent spike in COVID-19 cases, and the large-scale migration, is likely to act as a short-term dampener. As the second wave of COVID-19 peaks in India, the full-fledged revival of real estate seems to be a distant reality. Moreover, if there’s a full-blown lockdown and therefore the second wave persists for long, it might indeed be an enormous concern for the important estate sector. The adverse impact on demand for housing, which was just starting to show signs of recovery, could translate into truncated housing sales.
How is the Industry Fighting Back?
The pandemic has been around for a year now and with the second wave at its peak, the real-estate sector has improvised and adapted to new ways to keep the industry stable. Major digitization of the sector has taken place due to the practice of social and physical distancing. The digital marketing strategies are focused upon and websites are made much more user friendly for the provision of virtual tours of the respective projects makes the comeback stronger and improves the chances of recovery and surviving this second wave. Despite the massive drop in home sales thanks to the second wave, the industry will improve as the wave resides.
This is believed to be a temporary phase and with the precautionary measures introduced by the government, the real estate will hopefully, maintain its stability. The government’s aid for wider vaccination drive will help in handling the impact of the second wave while mobilizing the sectors to push the economy further on the growth track.
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