Real estate businesses health is dependent on the process of cash flow. Before the pandemic hit the world, all the sectors of this business were smiling broadly as stakeholders, like financed institutions and the homebuyers. But, things have changed now, the construction industry faced a heavy downfall. Due to less cash flow, the delay in the ongoing and under-construction projects and people losing jobs have adversely affected the real estate market. People have started to shift their eyes from high budgets home to low budgets with better facilities.
The COVID 19 has worsened it more as the brokers and developers are still in action to figure out to cope up with the situation with a slowing pace. During the complete lockdown of the whole country, the major setback to face the severe destruction was too real estate business as people have started to look for new low budget houses which have abruptly decreased the cash flow rate. As the stakeholders were still in the process to adjust to fresh guidelines. The pandemic has made the developers recreate and rethink the models with less space so as to give houses to all.
The buyers are now more vigilant towards buying any property at the same time to compromise on the designs of facilities provided like ventilation and WFH.
On the contrary, some of the developers have taken this as an opportunity and have tried to recreate or remodel the projects where the season of 2BHK and 3BHK is gone. The developers are now more inclined towards making 1BHK flats where the ventilation is on a good note. Architects are trying hard to attract more and more buyers by coming up with more improvised models of the studio and 1Bhk flats.
The problems arise with the ongoing projects but the developers have started to change some minor things so as to look more appealing to buyers even now with more flexible payments.
In India, people don’t purchase or put money without expecting the ongoing site. For that, they go to any talented experienced consultant or broker. But now, the COVID 19 situation has arisen many of the bigger problems. Builders have started the site visit virtually like the ongoing school classes for the kids.
Now, there is no need for the buyer to revisit the site again and again, by sitting just at home while being answered to all the queries of him and his family. Even though the losses in the real estate business has jumped a long leap in this sector. Many experienced market holders are calling it to be a revolutionary Changement in the visit of the site.
Developers are offering flexible payments offers to the customers while sitting at home. The buyers’ interests have also risen up in the past few years. The business has hailed some of the achievements as well. The real estate business has been reluctant to the various changes but unlike the conventional nature, the industry has adjusted itself very well. Policy changes have been made and the current pandemic situation will definitely bring some changes related to technology.