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Covid19 shackles Real estate growth in India

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Covid19

There were days just few months before where real estate rates in Indian cities were boomed high and ..

there was no end for the growth in business as it was going on increasing without any halt,but……

Here came the dangerous problem which the world wasn’t prepared and

no one ever saw anything coming that may changes the life of people as river changes its direction as it likes.

The covid19 took a slow start in India with narendra modi

The Prime Minister announcing a national wide curfew on march 22 .

Later on march 25 came on Live and announced complete lock down until April 15 which later extended till May 3rd and recently to May 17th.

But before the covid 19 started taking growth in india.

The Indian real estate market especially the cities usually

where lands/apartments will be sold for sky high rates are mainly

Because of the dependent chain of activities by IT Employees,

Where people of those stream are capable of earning

They use to take loans and buy property around prime areas.

Especially in cities like Hyderabad,Bangalore,Chennai,Pune,Noida,Gurgaon where who buy lands are majority of IT Group.

Covid19 Outbreak

When covid19 pandemic started way back in Wuhan,China in january 10th

The first case in india was reported in march 2nd and later following the guidelines of WHO mr.modi annound lockdown on march 22

From then IT employees were given work from home(WFH) to all the employees and people started working since lockdown

Recently the IT minister announced WFH to all the companies till 31st july.

Initially people found out WFH very annoying as there were restricted to homes

But later as things started changing slow now it is reported that productivity started increasing very much when employees are working from home

There has been consistent changes in the behavioral health of employees

Seeing this growth India’s largest IT group Tata Consultancy services (TCS) gave an announcement that

It may ask employees to work from home upto two years.

This gave a big relief to all the employees working in TCS and now the other companies are also forced to joing this movement.

If this movement works for big time then all the development and testing department will be provided WFH

which helps an employee to work happily by staying at home , Even if he is from remote village in India

Evolution of Problem

Now here comes the actual twist to Indian Real Estate

Agents and Realtors are worried about this movement and also city transportation is also very nervous

Because as the rates of essential commodities and also market rates are very high in cities.

If this movement clicks …..

Then there will me reverse migration revolution

where people from cities move back to village and start working from there with more cheaper rates and healthy environment.

On the other Hand Metro rail corporation is also worried that if people from cities start moving towards villages.

There will be very less transportation and the project will be a huge disaster in long run.

As of now there are no transactions/Buying of houses in the month of May due to covid19 effect

And also rankings of websites like 99Acres,Nobroker,MAGICBRICKS took a deep down which indicates that market is now in dull mode.

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