The Mohali Real Estate Market has been affected by the global pandemic of COVID-19 and it was very difficult for builders to sell homes during lockdown.
Indian real estate market has seen rock bottom with the global pandemic of COVID-19. As we all know the market was already hit by demonetization and commencement of RERA in the year 2016 and only recently was retrieving again but this pandemic has made it difficult for this sector to recover.
The first half of this year has not been easy for anyone in the whole world. Some people lost their jobs, some people had to leave their places to go back to their hometown, the country was under lockdown. In such a situation it was very difficult for builders to sell homes to people. We have all seen the shift of priority from buying a home to staying safe.
There is no doubt that every person has realized the importance of having their own home due to coronavirus, but due to lockdown and requirement of maintaining social distancing builders have not been very successful in making sales. In an interview, Tejinder Singh Punia, former president of the Mohali Property Consultant Group says that ‘In the first two quarters of this year with property prices falling by at least 10 percent, demand has reached a new low’. Though with the festival season approaching developers are hoping for some boost in real estate.
Effects of the pandemic on the Mohali real estate market:
These were some of the major pandemic blues which affected the Mohali real estate market the most.
Although several macro-economic indicators receive a significant trend in September, developers may well be on the path to a more sustainable recovery and it will be crucial for the upcoming festival season to assess the industry’s growth outlook over the next 12 months.
On the brighter side for the Mohali real estate market:
This pandemic has changed the way real estate was seen, now with the change in living and working culture of people the demand for the type of property has also changed. As people are now mostly working from homes, they need more space inside the house to make it their working space. People who want to buy a home are mostly looking for ready to move property as waiting for the completion of new projects is not what they want in the current scenario.
Remote working to gain potential momentum as corporations adopt work from home culture. In order to make them more prepared for crisis situations, higher investment in future office spaces is likely. In addition, in the midst of a rupee decrease, NRI investment in real estate may increase.
SBP Group believes that as much as this pandemic has adversely affected everyone, it will help in the recovery of the realty market soon and with the festive season around the corner, developers are providing great offers to make sales and it will benefit in the retrieval of this sector.