Impact of COVID-19 on Real Estate Industry with Reference to India

The recent pandemic has affect economies of various countries and India is no exception. The IMF projected Indian growth rate at 1.9 percent for the financial year 2021which was previous estimated at 5.8 percent. This possess a great threat for Indian economy. This effect of COVID-19 will be felt across sectors. Indian real estate which was already recovering from the aftermath of demonetization and various reforms was jolted by this pandemic with lockdown construction activity has stopped, real estate sales are not happening. The Indian real estate should prepare itself to brace for a post COVID-19 world and should prepare itself to utilise various new and tech driven steps to come back on track. This article deals with understanding the pre pandemic real estate industry and analysing the impact of COVID-19 on Indian real estate industry. It also presents the threats and opportunities available to different real estate market participant.