At times we never know what is a boon for us. Corona virus is, no doubt, a bane for the entire human race. It has not only affected the economy of our motherland, but also has brought about several personal problems in our lives. Daily with the increase of the number of patients affected by the virus, we are also reported of the psychological problems of people around us. Man is a free bird Never can he remain ‘caged’. While being caged, he might feel exploited too. Does only physical exploitation matter? No, never. Mental exploitation, depression, etc. is a matter of more concern. Pity on the helpless situation of man! Since the ancient past he has loved to travel, to plunder, to explore, to enjoy. But the present circumstances (due to corona virus) have made him confined, both physically and mentally. Man is fighting his greatest battle, that is, the battle with himself.
As man is now chained by the severe situation, he is bound to affect the society too. Why? Because, it is us who make a society. It is us who is the centre of the universe. As the world is centred around man, who at present is helpless, the society is to be affected. In the current article let us go through the situation in which the whole mankind has been since 2019, and how he has fought back and controlled the situation too.
Let us go back to the month of December 2019 when China first detected the case of Covid-19. India was not affected at that time. However, with the passage of time, the virus started spreading like a wild fire and reached India very soon. India was under complete lockdown since March 2020 to June 2020. The life of people became miserable. There was scarcity of everything. The economy was completely shattered. Why? The factories were also shut down during that situation, hence, there was less production. With less production there is less demand too, because there was no work for people. As they had very limited money, they didn’t want to buy things in huge quantity. Now, this has affected the Real Estate sector tremendously. Let us see how.
To be very honest, India is a developing nation, not a developed one. Not everyone is having a government job. We all know that there were several private sectors which had to decrease the salary of their employees. It had a direct effect on the Real Estate market. Why? We know that this is a post-modern world, where there is the celebration of individuality, differences, eccentricity. A post-modern man believes in empowerment and individual freedom. Every individual has a distinct voice which he expresses. So, he needs a space for his own individual self. Here comes the role of getting a house. If you notice the trend of the present world, you will find the emerging concept of nuclear and short families. They need an apartment. The market is flooded with several loan opportunities, contracts, and the like. So, there has been a tendency of almost all salaried person to get a home loan and buy a house. But with the decrease in the salary of the individuals, their desires had to be curtailed down. So, their plan of investing some money in Real Estate market got delayed.
Similar was the situation with other types of building structures. There was a time when the builders or developers constructed buildings with several small apartments, shops, offices, etc. There was hardly any risk off loss in the business if the location is very prominent. But as the pandemic has decreased the income of several people, the demand of new opportunities has decreased too. For instance, consider yourself to be a small businessman. You have a hardware shop in your locality. You can only think of increasing your business or think of buying a new shop only when there will be huge profit in your business. But the case has not been so in the pandemic situation. As there was a smaller number of people who were ready to make investment, the commercial Real Estate also suffered a lot.
Further, the existing stores were also badly affected in the pandemic situation. People feared to socialise. They didn’t want to get out of the house without any reason. As the online stores also provided them the necessary things they want, they preferred to shop online rather than going out and buying things from the local market. Think about yourself. Would you go out (in the pandemic situation) to buy bread, coffee, sugar, etc. from a local store if you get the same at your doorsteps? Similar was the case with malls. People preferred to buy clothing and accessories from the online stores in the pandemic situation. Thus, the local shopping malls also suffered a huge loss in the pandemic.
However, if compared with the other Real Estate sectors, the offices had less harm. Though it had remained closed, but the employees had to work sitting back at their own houses. Though the educational sectors remained closed, but the offices had been re-opened quite early. So, there was less harm posed.
Again, we can also see that the demand of houses and apartments are increasing because people have in their mind the concept of social distancing. To maintain a social distance and to remain healthy it is very necessary to have a house or a flat in an open area. Further, as many people are still working from their home, there arises the need of apartments as it is quite difficult to maintain an office-like situation in a joint family or in a small apartment.
Thus, we can say that though the pandemic has posed a barrier to the development of Real Estate sectors, it has not been able to stop the growth altogether. Real Estate sector is growing day by day; obviously, the growth can never be uniform. I hope that you have got an idea of the state of RE market in the pandemic. However, you can always drop a mail at firstname.lastname@example.org if you have any further query. You can always visit our official website to get more such informational and enriching articles, and don’t forget to subscribe us!