The resilient nature currently visible in the Indian real estate market is expected to remain active in 2021 as well. The sector has restored its pace rapidly, with an unprecedented recovery in the market in the last four to five months of 2020. The second quarter mostly witnessed inactiveness in the real estate market with the lockdown imposed due to the covid pandemic. The borders are expected to be reopened in 2021, which would attract NRI and foreign investors also make the situation some sort of back on track as per the market analysis. Although they generally form a large section of the people buying properties in India, their absence was felt in 2020 due to the pandemic.
Needless to say, the real estate market is now recovering in a much healthy manner, contrary to the stability that was seen in the industry in recent years. Being the second-largest employment provider in the country, the real estate sector is receiving considerable support from the government and the banks which makes real estate properties more affordable. Moreover, the fence-sitters who had been waiting for a drop in prices saw this as a golden opportunity and decided to make their purchases as well.
One of the reasons behind the sudden drop in the number of property buyers was the rise in unemployment due to the pandemic and the certain lockdown of four to five months slowed down or shut the real estate and almost every market. Various businesses had shut down or reduced their workforce, resulting in financial difficulties for potential home-buyers. However, with the restrictions being eased, the builders and property developers are launching once again and this trend is expected to grow in 2021. This, again, would make it easier for people to buy properties.
The real estate sector had been gaining importance in major Indian real estate markets such as Tier- II regions such as Bhopal etc with the certain increase in the residential investment and home buyer trends towards tier-II cities which certainly booming in the regions. The pandemic was certainly a major blow to residential real estate as well as the demand for the first time home buyer is coming. However, the prospect of a vaccine being available in the near future is causing many businesses and sentiments of the market to resume their activities in a more positive and progressive way. The sales for flats & apartments and residential properties for both investment and for owing purposes have started on the path to recovery as well and this trend is expected to intensify over the next year as more businesses open up.
This pandemic in 2020 has taught us a one and the foremost lesson in life is that we must have to form a strong foundation in life whether if it is in-term of own house or health we must be very much vivid towards our fundamentals, at last, we are very much hopeful to 2021 in terms of long term stability and sentiments of world.
Written By – Mukund Kumar Pandey
About Agrawal Builders: It is a premium real estate developing firm in Bhopal with a wide range of residential properties and beautiful amenities like a modern clubhouse, gymnasium, swimming pools, parks, and garden, etc.