Abstract
Abstract The world economy seems to be experiencing one of the most severe downturns in recent memory. The latest pandemic has had a detrimental effect on the economies of several nations, including India. The International Monetary Fund forecast India’s growth rate at 1.9 % for fiscal year 2021, down from 5.8 % previously. This poses a significant challenge to the Indian economy. The resumption of work was complicated by the workers’ surprising return to the employers from underground. Developers struggled to locate enough job-creating jobs due to the labour market severe constraints. The populace is burdened by the great pestilence that threatens the nation. Indian real estate, which was still emerging from the implications of demonetization (November 2016) and other changes, was jolted by this pandemic, with building development halted and real estate transactions paused. Indian real estate should plan itself for a post-COVID-19 environment and be prepared to take several new and technology-driven moves to get back on track. The secondary data research methodology is used in this paper and the aim of the research is to discuss the pre-pandemic real estate market and the effect of COVID-19 on the Indian real estate market. Additionally, it discusses the risks and prospects confronting various real estate industry participants.
Highlights
The World Health Organization (WHO) stated that it was on track to declare a global public health emergency and pandemic on about 11 March 2019, and businesses worldwide were bracing for a severe effect
The findings indicate that if the government is unable to implement an appropriate strategy, India will already face a health crisis and a very tough economy in the future (Singh & Neog, 2020)
After overcoming numerous obstacles such as demonetization, reforms, and GST, it was thought that Indian real estate will rise and become stronger than ever
Summary
The World Health Organization (WHO) stated that it was on track to declare a global public health emergency and pandemic on about 11 March 2019, and businesses worldwide were bracing for a severe effect. National GDP (Gross Domestic Product) is nearing its troughs, and the world continues to be during the most devastating global recessions in history. Individuals are using some of their bargaining power, and the market favourable reaction indicates that they expect the gain will offset the expense (Adams-Prassl et al, 2020).
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