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How COVID-19 is Affecting Indian Realty Sector?

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The state of the Indian realty sector can have a multiplier effect on over 250 connected industries, including on all the TMT bar manufacturers in West Bengal and across the country. So, asking how the ongoing pandemic will impact – and change – this sector is quite important for it affects millions of lives and a significant percentage of the nation’s GDP.

Not surprisingly, the sector isn’t having its best days. The slowdown in the residential segment is evident. March usually clocks high housing sales every year. 2020 has turned to be very different. Thousands and thousands of residential and commercial projects are at the halt – some of which are progressively restarting as the lockdown eases. The high-stake projects have been delayed. The builders are left hanging. The promoters of real estate projects are expected to bear the financial brunt. Every end of the realty sector – from home buyers to developers – has been scathed with deep wounds that might take a few quarters to recover.

What’s worse is that uncertainty still looms high regarding the coronavirus and how the world can combat it without jeopardizing the economy. Further, the forecasts of India possibly facing its worst recession ever is soaring the anxiety as well.

Focusing 100 percent on the solution to bring back the Indian realty sector on track – a gigantic task – might not necessarily be possible in the immediate span for as long the pandemic remains. However, if efforts be made, in specific, the demand-side of the sector must be stimulated foremost. The demand slowdown in the housing market must be addressed quickly to get the wheels rolling.

The construction companies, in their own ways, in alignment with the guidelines, must suit up to revive the sector. While the cost of construction is expected to go down when the economy hits the bottom, the lack of demand will limit the construction activities. Top promoters, builders, TMT bar companies in West Bengal and India overall can play around on the field since they have deeper pockets. However, at large, fundamental reforms are needed from within on the policy levels to, as mentioned already, boost demands.

COVID-19 has brought about big challenges in the Indian realty sector and every related industries. Of course, things will get better. But how quickly and in what ways, it’s yet to see. Realistically, we’re going to see a U-shape upward trend. Optimistically, if everything goes right, we might see a V-shape trend line. In any case, the construction companies, developers, promoters, steel bar companies in Kolkata, and everyone related to the Indian realty sector – they all must buckle up to weather the storm.

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