Prognosis of the Realty Sector Post-COVID-19 Challenges
Rakesh Reddy, Director, Aparna Constructions, For NMB & CW magazine
The global pandemic slowed down the growth of the Realty Sector for a short period of time, but there has been a noticeable improvement recently. Our Director, Mr. Rakesh Reddy talks about how the future looks like for builders and homebuyers. Here are a few major takeaways:
Included demand for reputed developers with reduced execution risk
The first quarter of 2020 had witnessed a huge increase in property sales, right before the spread of the virus and the implementation of social distancing measures. This deferred the home buyers’ decision, who were looking for the overall outlook of the market. Now, the builders have resumed work and are launching pre-planned projects. The sector remains stable as owning a property is viewed as a safe bet especially during times of crisis.
An increase in the construction cost
Construction cost is most likely to rise as ensuring the health and safety of workers is a must and the supply chain of construction materials has been disrupted. This has forced the builders to look for alternative options, which have increased the total cost of construction.
Economic relief measures by the government to benefit builders
To help the sector sail smoothly, the Government has released some new policies that work in the favour of both, the builders and the buyers. Measures such as liquidity scheme up to Rs 30000 Crores to NBFCs, housing financiers and micro financiers, increase in the repo rates etc will help the sector get through the challenges of this slowdown.
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