Future of Real Estate after COVID 19

 Real estate hit worse by second wave than first

About 90% of real estate developers feel that the second wave of the COVID-19 has been more devastating on their business than the first one, as new sales and collections have fallen drastically since April this year, as per a survey by realtors.

Last year when whole world facing first wave of COVID-19 then there was lockdown of directly 21days or 1 month but now its only 7days after once these 7days end there will be more 7days of lockdown and so on implemented by most state government.

SO labours are in doubt what if there will be long term lockdown then they are the first one who survived very difficult in this condition and there is no progress in construction/real estate business without continues work by labour.

Most developers around 95% fear projects are getting delays because of localized lockdowns across states.

The association which has around 13000 members in various states has released a survey of its 4813 members from 217 cities which conducted across the country between May24-june3 to gathering the information about the impact of the second wave of COVID-19. 

After taking survey there are many section which makes many developers worried about future of their business and those section are following 👇

👉Real estate sector

👉 Labour shortage

👉Financial constraints

👉Approval delays

👉Increased construction costs

👉Weakening customer demand

These are key challenges highlighted by developers.

About 95% of builders said customers had postponed purchase decisions due to the second wave.