The year 2020 brought many unprecedented challenges to the Indian Economy. The Indian economy was at the edge of crumbling because of the challenges of the Coronavirus Pandemic. Even though corrective measures were put in place, the second wave of the Covid-19 pandemic caused further defile in our economic growth, compelling various industries to decrease their growth projects in the country.
The impact of the Covid-19 pandemic on the real estate sector, in particular, is huge. It is one of the most affected industries in India is an area of work that requires human contact frequently. After Agriculture, real estate is the second biggest employment generating sector in India. This tells how many people would have been affected in this industry. However, the various stakeholders of the real estate sector worked together to restore the normalcy of the situation. They came together so, that the overwhelming effects of the pandemic can be controlled easily.
Now since we have survived the year 2020, the next major concern or doubt that is troubling the people who are linked to the real estate sector is the scope of the real estate sector in the year 2021. What changes has this year brought in the real estate sector? Will it work as a turning point? Let’s find about how the real estate sector has changed in the year 2021? But before that, we need to understand what lessons did the year 2020 give to the real estate sector?
Even though the year 2020 wasn't that good for the rest of the country for the real estate sector it is considered as the when real estate sector changed for the better. Many people thought that with lockdowns being announced and implemented in the country the real estate sector would fall drastically. But to everyone’s surprise many estate companies received the highest number of residential registrations by the end of November 2020. The number of people that registered for residential plots in November 2020 was the highest in almost a decade for real estate agencies in Mumbai.
This unimaginable and unexpected recovery was the results decrease in repo rates and stamp duties. As the economy was facing many challenges, The Reserve Bank of India decided to decrease the repo rates so that people start spending more. Although the crisis brought by Coronavirus is not small but even cannot simply ignore the positives that have emerged only because of this crisis. These positives are going to do wonders for the real estate sector in the upcoming years. It has helped in creating certain nonpareil opportunities for the real estate sector.
The real estate sector has been blooming in the COVID Era. One of the important lessons imparted by this Era is to embrace digital technology. If it wasn't for digital mediums no real estate agency would have seen such drastic boosts in their sales.
What to Expect in the year 2021?
As the sector is on the road to recovery, it has to modify its activities or realign to be able to face new realities of the world and to fulfil greater expectations of the people.
· With people being vaccinated and various other factors being in place, we can say that the real estate sector would revive well this year if the stability remains maintained in the job market.
· Since the prices of the properties are not going to rise anytime soon, people are more interested in buying the residential plots and apartments seeing the current situation of the economy. As the home loan interest loans are at their lowest people are finding it the best time to invest in the real estate sector.
· The interest ratesare already at their lowest so, there are negligible chances of it falling any further but it may go up by the second half of 2021.
· Ready to move in houses are going to be in demand for the entire year.
· Real estate companies believe that with various concessions being provided they would easily be able to sell their unsold inventory.
To Sum-Up:
Real estate is expected to grow by 60 to 80% in the coming years. The people who are planning to enter this field should go for it without any worries. If you are planning to enter into this sector go for Maxworth Realty India Reviews because they have amazing options available. Maxworth Realty Reviews is available on the Maxworth Realty Reviews . You can also check Maxworth Realty India Reviews for further clarification.
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